| Schedule of Earnings Per Share, Basic and Diluted |
The following table presents a reconciliation of the earnings (loss) and shares used in calculating basic and diluted earnings (loss) per share for the three and nine months ended September 30, 2021 and 2020:
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 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 Earnings (Loss) Per Share: |
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Net income (loss) |
$ |
66,324 |
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$ |
201,914 |
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$ |
188,521 |
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$ |
(1,841,306) |
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Dividends on preferred stock |
13,748 |
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18,950 |
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44,711 |
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56,851 |
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Dividends and undistributed earnings allocated to participating restricted stock units |
200 |
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— |
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532 |
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— |
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Net income (loss) attributable to common stockholders, basic |
$ |
52,376 |
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$ |
182,964 |
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$ |
143,278 |
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$ |
(1,898,157) |
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Basic weighted average common shares |
307,773,420 |
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273,705,785 |
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285,192,353 |
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273,567,998 |
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Basic earnings (loss) per weighted average common share |
$ |
0.17 |
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$ |
0.67 |
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$ |
0.50 |
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$ |
(6.94) |
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Diluted Earnings (Loss) Per Share: |
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Net income (loss) attributable to common stockholders, basic |
$ |
52,376 |
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$ |
182,964 |
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$ |
143,278 |
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$ |
(1,898,157) |
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Reallocation impact of undistributed earnings to participating restricted stock units |
(13) |
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— |
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(24) |
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— |
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Interest expense attributable to convertible notes (1)
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4,848 |
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4,812 |
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12,755 |
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— |
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Net income (loss) attributable to common stockholders, diluted |
$ |
57,211 |
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$ |
187,776 |
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$ |
156,009 |
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$ |
(1,898,157) |
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Basic weighted average common shares |
307,773,420 |
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273,705,785 |
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285,192,353 |
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273,567,998 |
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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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240,759 |
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— |
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Effect of dilutive shares issued in an assumed conversion |
38,956,653 |
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18,171,150 |
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34,533,003 |
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— |
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Diluted weighted average common shares |
346,730,073 |
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291,876,935 |
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319,966,115 |
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273,567,998 |
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Diluted earnings (loss) per weighted average common share |
$ |
0.17 |
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$ |
0.64 |
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$ |
0.49 |
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$ |
(6.94) |
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___________________
(1)If applicable, includes a nondiscretionary adjustment for the assumed change in the management fee calculation.
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