EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2023

The Company’s Series A Preferred Stock is classified as a participating security in accordance with ASC 260. Net income allocated to the holders of Series A Preferred Stock is based on the Series A stockholders' proportionate share of weighted average shares of common stock outstanding on an if-converted basis.

For purposes of determining diluted earnings per common share, basic earnings per common share was adjusted to include the effect of potential dilutive common shares outstanding. These potential dilutive shares include unvested restricted stock and performance-based stock units. The more dilutive of the two-class method or the treasury method is used for this adjustment. Additionally, Series A Preferred Stock is included using the if-converted method.

Under the two-class method, net income is reallocated to common stock, the Series A 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 years ended December 31,
	2023		2022		2021
Numerator:
Net income (loss)	$	226,801	$	(187,282)	$	3,937
Convertible preferred stock dividends	(27,462)		(11,526)		—
Allocation of earnings to participating securities	(17,348)		—		—
Net income (loss) attributable to common stockholders	$	181,991	$	(198,808)	$	3,937

Effect of dilutive securities:
Allocation of earnings to participating securities	$	17,348	$	—	$	—
Reallocation of earnings to participating securities	(16,934)		—		—
Numerator for Diluted EPS - Income (loss) available to common stockholders after assumed conversions	$	182,405	$	(198,808)	$	3,937

Denominator:
Weighted average basic common shares outstanding	230,784		226,947		221,343
Dilutive effect of common shares	6,180		—		11,724
Weighted average diluted common shares outstanding	236,964		226,947		233,067

Earnings per share:
Basic	$	0.79	$	(0.88)	$	0.02
Diluted	$	0.77	$	(0.88)	$	0.02

For the years ended December 31, 2023 and 2022, approximately 22.0 million and 30.6 million potentially dilutive securities were excluded from the computation of diluted earnings per share related to common stockholders, as their effect was antidilutive. No potentially dilutive securities were antidilutive or were excluded from the computation for the year ended December 31, 2021.