EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2024

Summary of Computation Earnings Per Common Share Using Two Class Method

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, and the Series A Preferred Stock dividend, is reflected in diluted EPS using the if-converted method and options, restricted shares, performance shares and market 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,

restricted, performance shares, market shares and stock options are anti-dilutive. (Amounts in millions, except share and per share amounts.):


	Three Months Ended March 31,
	2024		2023
Basic (loss) earnings per common share:
Net income	$	45	$	26
Less income allocable to Series A Preferred Stock	—		(1)
Less income allocable to Series B Preferred Stock	—		(2)
Less stock dividend attributable to Series B Preferred Stock	(7)		(11)
Less conversion of Series B Preferred Stock	(372)		—
Net (loss) income attributable to common shareholders	$	(334)	$	12

Weighted average shares outstanding - basic	249,744,275		234,386,758
(Loss) income per common share - basic	$	(1.34)	$	0.05

Diluted (loss) earnings per common share:
Net income	$	45	$	26
Less income allocable to Series A Preferred Stock	—		(1)
Less stock dividend attributable to Series B Preferred Stock	(7)		(11)
Less conversion of Series B Preferred Stock	(372)		—
Net (loss) income attributable to common shareholders - diluted	$	(334)	$	14

Weighted average shares outstanding - basic	249,744,275		234,386,758
Dilutive securities: (1)
Restricted stock units, warrants, and stock options	—		265,515
Shares issuable upon conversion of Series B Preferred Shares	—		32,520,000
Weighted average shares outstanding - diluted	249,744,275		267,172,273
(Loss) income per common share - diluted	$	(1.34)	$	0.05

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

a.For all periods presented, 4,000,000 shares of Series A Preferred Stock, which are convertible to the same number of common shares.

b.For the three months ended March 31, 2024, 125,000 stock options to purchase the same number of common shares.

c.For the three months ended March 31, 2024, 1,188,112 time-based, performance-based, and market-based restricted stock units.