EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2021

Reconciliations of the components of basic and diluted net income per common share are presented in the tables below (in thousands):


	Successor		Predecessor
	Period from May 18, 2021 through December 31, 2021		Period from January 1, 2021 through May 17, 2021		Year Ended December 31, 2020		Year Ended December 31, 2019
Net (loss) income	$	(112,829)	$	250,994	$	(1,625,133)	$	(2,002,358)
Dividends on New Preferred Stock	(4,573)		—		—		—
Participating securities - New Preferred Stock(1)	—		—		—		—
Net (loss) income attributable to common stockholders	$	(117,402)	$	250,994	$	(1,625,133)	$	(2,002,358)
Basic shares	20,545		160,834		160,231		160,341
Basic and dilutive EPS	$	(5.71)	$	1.56	$	(10.14)	$	(12.49)

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(1) New Preferred Stock represents participating securities because they participate in any dividends on shares of common stock on a pari passu, pro rata basis. However, New Preferred Stock does not participate in undistributed net losses.