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Earnings (Loss) Per Share
 9 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share Earnings (Loss) Per Share
The Company calculates earnings per share under the two-class method. During the third quarter of 2022, the Company granted RSUs which include non-forfeitable rights to dividends and are therefore considered “participating securities.” Accordingly, effective in the third quarter of 2022, the Company began to compute earnings per share under the two-class earnings allocation method. The two-class method is an earnings allocation formula that computes earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings.
Basic earnings per share amounts have been computed as (i) net income (loss) (ii) less distributed and undistributed earnings allocated to participating securities (iii) divided by the weighted average number of basic shares outstanding for the periods presented. Diluted earnings per share amounts have been computed as (i) basic net income attributable to common stockholders (ii) plus the reallocation of distributed and undistributed earnings allocated to participating securities (iii) divided by the weighted average number of diluted shares outstanding for the periods presented. The Company calculates diluted earnings per share under both the two-class method and treasury stock method and reports the more dilutive of the two calculations.
The following table summarizes the basic and diluted earnings per share for the periods presented:
Three Months Ended September 30,Nine Months Ended September 30,
 2023202220232022
 (In thousands, except per share data)
Net income from continuing operations$209,076 $941,609 $722,146 $1,052,897 
Distributed and undistributed earnings allocated to participating securities(801)(113)(2,281)(47)
Net income from continuing operations attributable to common stockholders (basic)208,275 941,496 719,865 1,052,850 
Reallocation of distributed and undistributed earnings allocated to participating securities28 4 44 2 
Net income from continuing operations attributable to common stockholders (diluted)$208,303 $941,500 $719,909 $1,052,852 
Weighted average common shares outstanding:
Basic weighted average common shares outstanding41,563 41,31841,670 26,806 
Dilutive effect of share-based awards
955 1,147 930 1,160 
Dilutive effect of warrants1,144 642 927 472 
Diluted weighted average common shares outstanding43,662 43,107 43,527 28,438 
Basic earnings per share from continuing operations$5.01 $22.79 $17.28 $39.28 
Diluted earnings per share from continuing operations$4.77 $21.84 $16.54 $37.02 
Anti-dilutive weighted average common shares:
Potential common shares3,391 4,874 4,023 2,436 
    
For the three and nine months ended September 30, 2023 and 2022, the diluted earnings per share calculation excludes the impact of unvested share-based awards and outstanding warrants that were anti-dilutive.
For the nine months ended September 30, 2022, basic and diluted earnings per share from discontinued operations were $15.88 and $14.97, respectively.