EARNINGS (LOSS) PER SHARE

12 Months Ended

Dec. 31, 2023

Net income is allocated between the Company’s common shares and other participating securities based on their participation rights. The Series A Preferred Stock and Series B Preferred Stock represent participating securities. Earnings attributable to Series A Preferred Stock and Series B Preferred Stock are not included in earnings attributable to common shares in calculating earnings per common share (the two-class method). For periods of net loss, there is no impact from the two-class method on earnings per share (“EPS”) as net loss is allocated to common shares because Series A Preferred Stock and Series B Preferred Stock are not contractually obligated to share the loss.

The following table sets forth the computation of earnings per common share using the two-class method. The dilutive effect of outstanding Series A Preferred Stock, 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, RSUs, PSUs and MSUs 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, RSUs, PSUs, MSUs, and stock options are anti-dilutive. (amounts in millions, except share and per share amounts):


	For the Years Ended December 31,
	2023		2022
Basic earnings (loss) per common share:
Net income	$	153	$	73
Less income allocable to Series A Preferred Stock	—		(3)
Less stock dividend attributable to Series A Preferred Stock	(270)		—
Less income allocable to Series B Preferred Stock	—		(3)
Less stock dividend attributable to Series B Preferred Stock	(44)		(44)
Net (loss) income attributable to common shareholders	$	(161)	$	23

Weighted average shares outstanding - basic	235,136,849		233,201,569
(Loss) income per common share - basic	$	(0.68)	$	0.10

Diluted earnings (loss) per common share:
Net income	$	153	$	73
Less income allocable to Series A Preferred Stock	—		(3)
Less stock dividend attributable to Series A Preferred Stock	(270)		—
Less stock dividend attributable to Series B Preferred Stock	(44)		(44)
Net (loss) income attributable to common shareholders - diluted	$	(161)	$	26

Weighted average shares outstanding - diluted	235,136,849		233,201,569
Dilutive securities: (1)
RSUs, warrants, and stock options	—		359,178
Shares issuable upon conversion of Series B Preferred Shares	—		32,520,000
Weighted average shares outstanding - diluted	235,136,849		266,080,747
(Loss) income per common share - diluted	$	(0.68)	$	0.10

(1)The following items were excluded from the calculation of diluted shares as their inclusion would be anti-dilutive:

a.For the years ended December 31, 2023 and 2022, 4,000,000 shares of Series A Preferred Stock, which are convertible to the same number of common shares.

b.For the year ended December 31, 2023, 800,000 shares of Series B Preferred Stock which are convertible to 32,520,000 shares of common stock.

c.For the year ended December 31, 2023, 125,000 stock options to purchase the same number of common shares.

d.For the year ended December 31, 2023, 7,944,104 common share equivalents, which represent the dividend that the Series A Preferred Stock holders are entitled to receive. (See additional description in Note 19 - "Shareholders' Equity and Redeemable Convertible Preferred Stock")

e.For the year ended December 31, 2023, 904,344 RSUs, 1,652,020 PSUs, and 413,361 MSUs.