| 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 three and six months ended June 30, 2021 and 2020:
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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(in thousands, except share data) |
2021 |
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2020 |
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2021 |
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2020 |
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Basic (Loss) Earnings Per Share: |
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Net (loss) income |
$ |
(117,960) |
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$ |
(173,564) |
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$ |
122,197 |
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$ |
(2,043,220) |
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Dividends on preferred stock |
13,747 |
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18,951 |
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30,963 |
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37,901 |
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Dividends and undistributed earnings allocated to participating restricted stock units |
227 |
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— |
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484 |
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— |
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Net (loss) income attributable to common stockholders, basic |
$ |
(131,934) |
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$ |
(192,515) |
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$ |
90,750 |
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$ |
(2,081,121) |
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Basic weighted average common shares |
273,718,561 |
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273,604,079 |
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273,714,684 |
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273,498,347 |
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Basic (loss) earnings per weighted average common share |
$ |
(0.48) |
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$ |
(0.70) |
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$ |
0.33 |
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$ |
(7.61) |
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Diluted (Loss) Earnings Per Share: |
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Net (loss) income attributable to common stockholders, basic |
$ |
(131,934) |
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$ |
(192,515) |
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$ |
90,750 |
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$ |
(2,081,121) |
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Reallocation impact of undistributed earnings to participating restricted stock units |
— |
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— |
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(11) |
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— |
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Interest expense attributable to convertible notes (1)
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— |
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— |
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7,908 |
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— |
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Net (loss) income attributable to common stockholders - diluted |
$ |
(131,934) |
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$ |
(192,515) |
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$ |
98,647 |
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$ |
(2,081,121) |
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Basic weighted average common shares |
273,718,561 |
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273,604,079 |
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273,714,684 |
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273,498,347 |
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Effect of dilutive shares issued in an assumed conversion |
— |
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— |
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32,284,519 |
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— |
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Diluted weighted average common shares |
273,718,561 |
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273,604,079 |
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305,999,203 |
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273,498,347 |
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Diluted (loss) earnings per weighted average common share |
$ |
(0.48) |
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$ |
(0.70) |
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$ |
0.32 |
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$ |
(7.61) |
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___________________
(1)If applicable, includes a nondiscretionary adjustment for the assumed change in the management fee calculation.
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