| Schedule of Earnings Per Share, Basic and Diluted |
The following table presents a reconciliation of the (loss) earnings and shares used in calculating basic and diluted (loss) earnings per share for the years ended December 31, 2023, 2022 and 2021. 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.
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Year Ended |
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December 31, |
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(in thousands, except share data) |
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2023 |
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2022 |
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2021 |
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Basic (Loss) Earnings Per Share: |
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Net (loss) income |
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$ |
(106,371) |
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$ |
220,239 |
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$ |
187,227 |
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Dividends on preferred stock |
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(48,607) |
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(53,607) |
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(58,458) |
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Gain on repurchase and retirement of preferred stock |
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2,973 |
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20,149 |
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— |
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Dividends and undistributed earnings allocated to participating restricted stock units |
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(1,220) |
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(1,203) |
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(731) |
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Net (loss) income attributable to common stockholders, basic |
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$ |
(153,225) |
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$ |
185,578 |
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$ |
128,038 |
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Basic weighted average common shares |
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95,672,143 |
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86,179,418 |
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74,443,000 |
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Basic (loss) earnings per weighted average common share |
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$ |
(1.60) |
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$ |
2.15 |
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$ |
1.72 |
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Diluted (Loss) Earnings Per Share: |
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Net (loss) income attributable to common stockholders, basic |
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$ |
(153,225) |
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$ |
185,578 |
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$ |
128,038 |
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Reallocation impact of undistributed earnings to participating restricted stock units |
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— |
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— |
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— |
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Interest expense attributable to convertible notes |
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— |
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19,382 |
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— |
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Net (loss) income attributable to common stockholders, diluted |
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$ |
(153,225) |
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$ |
204,960 |
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$ |
128,038 |
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Basic weighted average common shares |
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95,672,143 |
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86,179,418 |
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74,443,000 |
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Effect of dilutive shares issued in an assumed vesting of performance share units |
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— |
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157,591 |
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67,884 |
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Effect of dilutive shares issued in an assumed conversion |
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— |
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9,739,166 |
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— |
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Diluted weighted average common shares |
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95,672,143 |
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96,076,175 |
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74,510,884 |
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Diluted (loss) earnings per weighted average common share |
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$ |
(1.60) |
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$ |
2.13 |
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$ |
1.72 |
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