EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Earnings Per Share, Basic and Diluted

Under the two-class method, net income is reallocated to common stock, the Series A Convertible Preferred Stock, and all dilutive securities based on the contractual participating rights of the respective securities to share in the current earnings as if all of the earnings for the period had been distributed.


	For The Three Months Ended September 30,				For The Nine Months Ended September 30,
	2023		2022		2023		2022
Numerator:
Net income (loss)	$	83,949	$	(181,896)	$	176,685	$	(166,059)
Less: dividends paid to Series A convertible preferred stockholders	(6,875)		(4,596)		(20,512)		(4,596)
Undistributed income (loss)	77,074		(186,492)		156,173		(170,655)
Income allocated to participating preferred shares	(6,540)		—		(13,263)		—
Net income (loss) attributable to common stockholders	$	70,534	$	(186,492)	$	142,910	$	(170,655)

Denominator:
Weighted average basic common shares outstanding	77,002		75,796		76,841		75,625
Dilutive effect of common shares	2,089		—		2,121		—
Weighted average diluted common shares outstanding	79,091		75,796		78,962		75,625

Earnings per share:
Basic	$	0.92	$	(2.46)	$	1.86	$	(2.26)
Dilutive	$	0.89	$	(2.46)	$	1.81	$	(2.26)