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EARNINGS (LOSS) PER SHARE (Tables)
 9 Months Ended
Sep. 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 September 30, 2023Three Months Ended September 30, 2022
Net income (loss)$608,444 $(18,472)
Dividends on preferred stock(1,133)(1,309)
Participating securities - preferred stock(1)
(89,756)— 
Net income (loss) attributable to common stockholders$517,555 $(19,781)
Re-allocation of participating securities1,147 — 
Diluted net income (loss) attributable to common stockholders$518,702 $(19,781)
Basic Shares18,670 19,635 
Dilutive Shares18,954 19,635 
Basic EPS$27.72 $(1.01)
Dilutive EPS$27.37 $(1.01)
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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.
Nine Months Ended September 30, 2023Nine Months Ended September 30, 2022
Net income (loss)$1,225,185 $(253,867)
Dividends on preferred stock(3,718)(4,136)
Participating securities - preferred stock(1)
(180,394)— 
Net income (loss) attributable to common stockholders$1,041,073 $(258,003)
Re-allocation of participating securities2,043 — 
Diluted net income (loss) attributable to common stockholders$1,043,116 $(258,003)
Basic Shares18,686 20,514 
Dilutive Shares18,937 20,514 
Basic EPS$55.72 $(12.58)
Dilutive EPS$55.08 $(12.58)
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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.