Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2024

EARNINGS (LOSS) PER SHARE

The following table presents the computations of basic and diluted net earnings (loss) per share for the periods indicated:


	Three Months Ended
	March 31,
	2024								2023
	(In thousands, except per share amounts)
					Non-Voting
			Class B		Common
	Voting		Non-Voting		Stock		Total		Total
	Common		Common		Equivalents		Common		Common (2)
Basic Earnings (Loss) Per Share:
Net earnings (loss) available to common
and equivalent stockholders	$	19,521	$	59	$	1,325	$	20,905	$	(1,205,371)

Less: Earnings allocated to unvested restricted stock (1)	(53)		—		—		(53)		(319)
Net earnings (loss) allocated to common
and equivalent shares	$	19,468	$	59	$	1,325	$	20,852	$	(1,205,690)

Weighted average basic shares and unvested restricted
stock outstanding	157,838		477		10,658		168,973		78,985
Less: weighted average unvested restricted stock
outstanding	(830)		—		—		(830)		(1,517)
Weighted average basic shares outstanding	157,008		477		10,658		168,143		77,468

Basic earnings (loss) per share	$	0.12	$	0.12	$	0.12	$	0.12	$	(15.56)

Diluted Earnings (Loss) Per Share:
Net earnings (loss) allocated to common
and equivalent shares	$	19,468	$	59	$	1,325	$	20,852	$	(1,205,690)
Weighted average diluted shares outstanding	157,008		477		10,658		168,143		77,468
Diluted earnings (loss) per share	$	0.12	$	0.12	$	0.12	$	0.12	$	(15.56)

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(1) Represents cash dividends paid to holders of unvested restricted stock, net of forfeitures, plus undistributed earnings amounts available to holders of unvested restricted stock, if any.

(2) Share amounts for the three months ended March 31, 2023 have been restated by multiplying historical amounts by the Merger exchange ratio of 0.6569.

The following table presents the weighted average outstanding restricted shares and warrants that were not included in the computation of diluted earnings (loss) per share because their effect would be anti-dilutive for the three months ended March 31, 2024 and 2023:


	Three Months Ended
	March 31,
	2024	2023
	(In thousands)
Restricted stock awards and units (1)	830	1,517
Warrants	18,902	—

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(1) Share amounts for the three months ended March 31, 2023 have been restated by multiplying historical amounts by the Merger exchange ratio of 0.6569.