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EARNINGS PER SHARE
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
Basic income or loss per share attributable to common stockholders is computed as (i) net income or loss less (ii) dividends paid to holders of preferred stock less (iii) net income or loss attributable to participating securities divided by (iv) weighted average basic shares outstanding. Diluted net income or loss per share attributable to common stockholders is computed as (i) basic net income or loss attributable to common stockholders plus (ii) diluted adjustments to income allocable to participating securities divided by (iii) weighted average diluted shares outstanding. The "if-converted" method is used to determine the dilutive impact for the Company's convertible preferred stock and the treasury stock method is used to determine the dilutive impact of unvested restricted stock.
There were 411,224 and 180,811 shares of restricted stock that were considered dilutive for the three months ended March 31, 2024 and 2023, respectively. There were 3.2 million and 3.7 million shares of potential common shares issuable due to the Company's preferred stock for the three months ended March 31, 2024 and 2023, respectively.
Reconciliations of the components of basic and diluted net income per common share are presented in the table below (in thousands):
Three Months Ended March 31, 2024Three Months Ended March 31, 2023
Net income$52,035 $523,054 
Dividends on preferred stock(1,105)(1,307)
Participating securities - preferred stock(1)
(7,532)(86,221)
Net income attributable to common stockholders$43,398 $435,526 
Re-allocation of participating securities143 684 
Diluted net income attributable to common stockholders$43,541 $436,210 
Basic Shares18,193 18,868 
Dilutive Shares18,604 19,049 
Basic EPS$2.39 $23.08 
Dilutive EPS$2.34 $22.90 
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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.