Earnings (Loss) per Share

3 Months Ended

Mar. 31, 2024

Basic earnings (loss) per share is computed by dividing net income, after the deduction of preferred stock dividends and undistributed earnings allocated to participating securities, by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share assumes the issuance of common stock for all potentially dilutive share equivalents outstanding not classified as participating securities. Participating securities are defined as unvested stock-based compensation awards that contain nonforfeitable rights to dividends.


	Three Months Ended March 31,
(In thousands, except per share values)		2024		2023
Net income (loss)		$	58,139	$	(150,173)
Preferred stock dividends		(10)		(10)
Net income (loss) attributable to common equity		58,129		(150,183)
Dividends and undistributed earnings allocated to participating securities		(7)		—
Net income (loss) attributable to common shareholders		58,122		(150,183)

Basic weighted-average shares outstanding		39,360		39,224
Stock-based compensation awards (a)		196		—
Diluted weighted-average shares outstanding		39,556		39,224
Antidilutive shares		—		180

Earnings (loss) per share:
Basic		$	1.48	$	(3.83)
Diluted		$	1.47	$	(3.83)
(a) During periods in which the Company incurs a net loss, stock-based compensation awards are excluded from the computation of diluted earnings per share because their effect would be anti-dilutive. As such, during periods in which the Company incurs a net loss, diluted weighted-average shares outstanding are equivalent to basic weighted-average shares outstanding.