EARNINGS (LOSS) PER SHARE (Tables)

3 Months Ended

Mar. 31, 2023

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


	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022

Net income (loss)	$	523,054	$	(491,975)
Dividends on preferred stock	(1,307)		(1,447)
Participating securities - preferred stock(1)	(86,221)		—
Net income (loss) attributable to common stockholders	$	435,526	$	(493,422)
Re-allocation of participating securities	684		—
Diluted net income (loss) attributable to common stockholders	$	436,210	$	(493,422)
Basic Shares	18,868		21,242
Dilutive Shares	19,049		21,242
Basic EPS	$	23.08	$	(23.23)
Dilutive EPS	$	22.90	$	(23.23)

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