Earnings/(Loss) Per Share

12 Months Ended

Dec. 31, 2023

Basic earnings/(loss) per share is computed by dividing net income/(loss) by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock; however, potential common equivalent shares are excluded if the effect of including these shares would be anti-dilutive. The Company’s two classes of common stock, Class A and Class B non-voting, have equal rights to dividends and income, and therefore, basic and diluted earnings per share are the same for each class of common stock. As of December 31, 2023, the Company did not have any Class B Non-Voting common stock outstanding.

Diluted earnings per share takes into account the potential conversion of stock options, restricted stock units, and warrants using the treasury stock method and convertible notes using the if-converted method. For the years ended December 31, 2023, and December 31, 2021, the Company did not exclude any potentially dilutive securities, whose effect would have been anti-dilutive, from the computation of diluted earnings per share. Since the Company was in a loss position for the year ended December 31, 2022, diluted net loss per share is the same as basic net loss per share for the period as the inclusion of all potential common shares outstanding would have been anti-dilutive. For the year ended December 31, 2022, the Company excluded 361,186 potentially dilutive securities, whose effect would have been anti-dilutive, from the computation of diluted earnings per share. The Company excluded 965,788, 976,509, and 1,083,174 shares related to restricted stock units for which the performance metric had yet to be achieved as of December 31, 2023, 2022, and 2021, respectively.

The following table sets forth the reconciliation of basic and diluted earnings/(loss) per share:


	Year Ended December 31, 2023		Year Ended December 31, 2022		Year Ended December 31, 2021
	(in thousands, except share and per share amounts)
Basic earnings/(loss) per share:
Numerator
Net income/(loss)	$	614,622	$	(97,024)	$	436,632
Preferred stock dividends	(41,700)		(41,700)		(28,473)
Net income/(loss) attributable to common stockholders	$	572,922	$	(138,724)	$	408,159
Denominator
Weighted-average common shares outstanding	111,005,088		111,626,508		114,050,578
Basic earnings/(loss) per share	$	5.16	$	(1.24)	$	3.58
Diluted earnings per share:
Numerator
Net income/(loss)	$	614,622	$	(97,024)	$	436,632
Preferred stock dividends	(41,700)		(41,700)		(28,473)
Net income/(loss) attributable to common stockholders	$	572,922	$	(138,724)	$	408,159
Denominator
Number of shares used in basic computation	111,005,088		111,626,508		114,050,578
Weighted-average effect of dilutive securities	433,501		—		395,515
Number of shares used in per share computation	111,438,589		111,626,508		114,446,093
Diluted earnings/(loss) per share	$	5.14	$	(1.24)	$	3.57