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Earnings (Loss) Per Share (Tables) | 6 Months Ended
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Jun. 30, 2022
Earnings Per Share [Abstract] |
Summary of Computation Earnings (Loss) Per Common Share Using Two Class Method | The following table sets forth the computation of earnings (loss) per common share using the two-class method. The dilutive effect of outstanding Series A Preferred Stock, the Series B Preferred Stock, the Series A Preferred Stock dividend, and the Series B Preferred Stock Dividend is reflected in diluted EPS using the if-converted method, and options, and restricted and performance shares are reflected using the treasury stock method. For periods of net loss, basic and diluted EPS are the same, as the assumed exercise of Series A Preferred Stock, Series B Preferred Stock, restricted and performance shares, and stock options are anti-dilutive (amounts in millions, except share and per share amounts):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Basic earnings (loss) per common share: |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 30 |  |  | $ | 21 |  |  | $ | 23 |  |  | $ | 13 |
Less income attributable to Series A Preferred Stock |  |  | (2 | ) |  |  | (3 | ) |  |  | — |  |  |  | (2 | )
Less income attributable to Series B Preferred Stock |  |  | (2 | ) |  |  | — |  |  |  | — |  |  |  |
Less stock dividend attributable to Series B Preferred Stock |  |  | (11 | ) |  |  | — |  |  |  | (22 | ) |  |  | — |
Net income (loss) attributable to common shareholders - basic |  | $ | 15 |  |  | $ | 18 |  |  | $ | 1 |  |  | $ | 11 |
Weighted average shares outstanding - basic (1) |  |  | 233,104,873 |  |  |  | 201,281,939 |  |  |  | 232,670,986 |  |  |  | 196,782,691 |
Income (loss) per common share - basic |  | $ | 0.06 |  |  | $ | 0.09 |  |  | $ | 0.01 |  |  | $ | 0.06 |
Diluted earnings (loss) per common share: |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 30 |  |  | $ | 21 |  |  | $ | 23 |  |  | $ | 13 |
Less income attributable to Series A Preferred Stock |  |  | (2 | ) |  |  | (3 | ) |  |  | — |  |  |  | (2 | )
Less income attributable to Series B Preferred Stock |  |  | — |  |  |  | — |  |  |  | — |  |  |  |
Less stock dividend attributable to Series B Preferred Stock |  |  | (11 | ) |  |  | — |  |  |  | (22 | ) |  |  | — |
Net income (loss) attributable to common shareholders - diluted |  | $ | 17 |  |  | $ | 18 |  |  | $ | 1 |  |  | $ | 11 |
Weighted average shares outstanding - basic |  |  | 233,104,873 |  |  |  | 201,281,939 |  |  |  | 232,670,986 |  |  |  | 196,782,691 |
Dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |
RSUs, PSUs, and stock options (1) |  |  | 297,797 |  |  |  | 660,735 |  |  |  | 367,863 |  |  |  | 2,302,651 |
Shares issuable upon conversion of Series B Preferred Stock |  |  | 32,520,000 |  |  |  | — |  |  |  | 32,520,000 |  |  |  | — |
Shares issuable pursuant to the annual Series A Preferred Stock dividend (2) |  |  | — |  |  |  | 4,435,765 |  |  |  | — |  |  |  | 3,409,844 |
Weighted average shares outstanding - diluted |  |  | 265,922,670 |  |  |  | 206,378,439 |  |  |  | 265,558,849 |  |  |  | 202,495,186 |
Income (loss) per common share - diluted |  | $ | 0.06 |  |  | $ | 0.09 |  |  | $ | 0.01 |  |  | $ | 0.06 |
(1) For all periods presented, 4,000,000 shares of Series A Preferred Stock, which are convertible to the same number of common shares, have been excluded from the calculation of diluted shares, as their inclusion would be anti-dilutive. (2) For the three and six months ended June 30, 2021, dilutive securities include common share equivalents which represent the annual dividend, payable in common shares, that Series A Preferred Shares would be entitled to receive assuming that the volume weighted average price of the Company’s common shares for the last ten trading days of the period would be the same average price during the last ten trading days of the calendar year. The holders of the Series A Preferred Stock are entitled to receive an annual dividend based on the increase in the market price of the Company’s common stock (the "Annual Dividend Amount"). The Annual Dividend Amount is equal to 20% of the increase in the volume-weighted average market price per share of the Company’s common shares for the last ten trading days of the calendar year, multiplied by 141,194,638 shares. During 2021, the Annual Dividend Amount was calculated based on the appreciation of the Company’s share price over the highest previously used share price of $17.8829.

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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 + Details
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