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Earnings (Loss) Per Share | 6 Months Ended
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Jun. 30, 2024
Earnings Per Share [Abstract] |
Earnings (Loss) Per Share | 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
| June 30,
| 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 | $ | 19,100 |  |  | $ | 58 |  |  | $ | 1,228 |  |  | $ | 20,386 |  |  | $ | (207,361) |
Less: Earnings allocated to unvested restricted stock (1) | 2 |  |  | — |  |  | — |  |  | 2 |  |  | 82 |
Net earnings (loss) allocated to common |  |  |  |  |  |  |  |  |
and equivalent shares | $ | 19,102 |  |  | $ | 58 |  |  | $ | 1,228 |  |  | $ | 20,388 |  |  | $ | (207,279) |
Weighted average basic shares and unvested restricted |  |  |  |  |  |  |  |  |
stock outstanding | 158,381 |  |  | 477 |  |  | 10,147 |  |  | 169,005 |  |  | 79,009 |
Less: weighted average unvested restricted stock |  |  |  |  |  |  |  |  |
outstanding | (573) |  |  | — |  |  | — |  |  | (573) |  |  | (1,327) |
Weighted average basic shares outstanding | 157,808 |  |  | 477 |  |  | 10,147 |  |  | 168,432 |  |  | 77,682 |
Basic earnings (loss) per share | $ | 0.12 |  |  | $ | 0.12 |  |  | $ | 0.12 |  |  | $ | 0.12 |  |  | $ | (2.67) |
Diluted Earnings (Loss) Per Share: |  |  |  |  |  |  |  |  |
Net earnings (loss) allocated to common |  |  |  |  |  |  |  |  |
and equivalent shares | $ | 19,102 |  |  | $ | 58 |  |  | $ | 1,228 |  |  | $ | 20,388 |  |  | $ | (207,279) |
Weighted average diluted shares outstanding | 157,808 |  |  | 477 |  |  | 10,147 |  |  | 168,432 |  |  | 77,682 |
Diluted earnings (loss) per share | $ | 0.12 |  |  | $ | 0.12 |  |  | $ | 0.12 |  |  | $ | 0.12 |  |  | $ | (2.67) |
________________________ (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 June 30, 2023 have been restated by multiplying historical amounts by the Merger exchange ratio of 0.6569.
| Six Months Ended
| June 30,
| 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 | $ | 38,622 |  |  | $ | 117 |  |  | $ | 2,552 |  |  | $ | 41,291 |  |  | $ | (1,412,732) |
Less: Earnings allocated to unvested restricted stock (1) | (51) |  |  | — |  |  | — |  |  | (51) |  |  | (238) |
Net earnings (loss) allocated to common |  |  |  |  |  |  |  |  |
and equivalent shares | $ | 38,571 |  |  | $ | 117 |  |  | $ | 2,552 |  |  | $ | 41,240 |  |  | $ | (1,412,970) |
Weighted average basic shares and unvested restricted |  |  |  |  |  |  |  |  |
stock outstanding | 158,110 |  |  | 477 |  |  | 10,402 |  |  | 168,989 |  |  | 78,997 |
Less: weighted average unvested restricted stock |  |  |  |  |  |  |  |  |
outstanding | (702) |  |  | — |  |  | — |  |  | (702) |  |  | (1,421) |
Weighted average basic shares outstanding | 157,408 |  |  | 477 |  |  | 10,402 |  |  | 168,287 |  |  | 77,576 |
Basic earnings (loss) per share | $ | 0.25 |  |  | $ | 0.25 |  |  | $ | 0.25 |  |  | $ | 0.25 |  |  | $ | (18.21) |
Diluted Earnings (Loss) Per Share: |  |  |  |  |  |  |  |  |
Net earnings (loss) allocated to common |  |  |  |  |  |  |  |  |
and equivalent shares | $ | 38,571 |  |  | $ | 117 |  |  | $ | 2,552 |  |  | $ | 41,240 |  |  | $ | (1,412,970) |
Weighted average diluted shares outstanding | 157,408 |  |  | 477 |  |  | 10,402 |  |  | 168,287 |  |  | 77,576 |
Diluted earnings (loss) per share | $ | 0.25 |  |  | $ | 0.25 |  |  | $ | 0.25 |  |  | $ | 0.25 |  |  | $ | (18.21) |
________________________ (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 six months ended June 30, 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 and six months ended June 30, 2024 and 2023:
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (In thousands)
Restricted stock awards and units (1) | 573 |  |  | 1,327 |  |  | 702 |  |  | 1,421 |
Warrants | 18,902 |  |  | — |  |  | 18,902 |  |  | — |
____________________________ (1) Share amounts for the three and six months ended June 30, 2023 have been restated by multiplying historical amounts by the Merger exchange ratio of 0.6569.

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