Annual report pursuant to Section 13 and 15(d)

Earnings Per Share

v3.22.4
Earnings Per Share
12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The following table presents a reconciliation of the earnings (loss) and shares used in calculating basic and diluted earnings (loss) per share for the years ended December 31, 2022, 2021 and 2020. All per share amounts, common shares outstanding and common equity-based awards for all periods presented have been adjusted on a retroactive basis to reflect the reverse stock split.
Year Ended
December 31,
(in thousands, except share data) 2022 2021 2020
Basic Earnings (Loss) Per Share:
Net income (loss)
$ 220,239  $ 187,227  $ (1,630,135)
Dividends on preferred stock
(53,607) (58,458) (75,802)
Gain on repurchase and retirement of preferred stock 20,149  —  — 
Dividends and undistributed earnings allocated to participating restricted stock units
(1,203) (731) — 
Net income (loss) attributable to common stockholders, basic
$ 185,578  $ 128,038  $ (1,705,937)
Basic weighted average common shares
86,179,418  74,443,000  68,400,237 
Basic earnings (loss) per weighted average common share
$ 2.15  $ 1.72  $ (24.94)
Diluted Earnings (Loss) Per Share:
Net income (loss) attributable to common stockholders, basic
$ 185,578  $ 128,038  $ (1,705,937)
Reallocation impact of undistributed earnings to participating restricted stock units
—  —  — 
Interest expense attributable to convertible notes (1)
19,382  —  — 
Net income (loss) attributable to common stockholders, diluted
$ 204,960  $ 128,038  $ (1,705,937)
Basic weighted average shares
86,179,418  74,443,000  68,400,237 
Effect of dilutive shares issued in an assumed vesting of performance share units
157,591  67,884  — 
Effect of dilutive shares issued in an assumed conversion 9,739,166  —  — 
Diluted weighted average shares 96,076,175  74,510,884  68,400,237 
Diluted earnings (loss) per weighted average common share
$ 2.13  $ 1.72  $ (24.94)
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(1)If applicable, includes a nondiscretionary adjustment for the assumed change in the management fee calculation.

For the years ended December 31, 2022 and 2021, participating RSUs were included in the calculations of basic and diluted earnings per share under the two-class method since it was more dilutive than the alternative treasury stock method. For the years ended December 31, 2022 and 2021, the assumed vesting of outstanding PSUs was included in the calculation of diluted earnings per share under the two-class method since it was more dilutive than the alternative treasury stock method. The Company did not have any RSUs or PSUs during the year ended December 31, 2020.
For the years ended December 31, 2022, 2021 and 2020, excluded from the calculation of diluted earnings per share was the effect of adding back $0.2 million, $28.0 million and $19.2 million of interest expense and 87,137, 12,555,567 and 4,542,788 weighted average common share equivalents, respectively, related to the assumed conversion of the Company’s convertible senior notes, as their inclusion would have been antidilutive. For the year ended December 31, 2022, only the 2022 notes were excluded from the calculation of diluted earnings per share, and the assumed conversion of the Company’s 2026 notes was included in the calculation of diluted earnings per share under the if-converted method.