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EARNINGS (LOSS) PER SHARE (Tables)
 6 Months Ended
Jun. 30, 2023
Earnings Per Share [Abstract]  
Schedule of Earnings (Loss) Per Share
Reconciliations of the components of basic and diluted net income (loss) per common share are presented in the tables below (in thousands):
Three Months Ended June 30, 2023Three Months Ended June 30, 2022
Net income$93,687 $256,580 
Dividends on preferred stock(1,278)(1,380)
Participating securities - preferred stock(1)
(14,044)(39,590)
Net income attributable to common stockholders$78,365 $215,610 
Re-allocation of participating securities182 310 
Diluted net income attributable to common stockholders$78,547 $215,920 
Basic Shares18,518 20,684 
Dilutive Shares18,805 20,877 
Basic EPS$4.23 $10.42 
Dilutive EPS$4.18 $10.34 
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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.
Six Months Ended June 30, 2023Six Months Ended June 30, 2022
Net income (loss)$616,741 $(235,395)
Dividends on preferred stock(2,585)(2,828)
Participating securities - preferred stock(1)
(92,611)— 
Net income (loss) attributable to common stockholders$521,545 $(238,223)
Re-allocation of participating securities1,008 — 
Diluted net income (loss) attributable to common stockholders$522,553 $(238,223)
Basic Shares18,688 20,961 
Dilutive Shares18,930 20,961 
Basic EPS$27.91 $(11.36)
Dilutive EPS$27.60 $(11.36)
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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.