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Earnings Per Share (Tables) | 6 Months Ended
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Jun. 30, 2020
Earnings Per Share [Abstract] |
Reconciliation of Basic and Diluted Earnings Per Share | The following tables set forth reconciliations of the basic and diluted earnings per share computations for the periods presented:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Basic (Loss)/Earnings per Share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net (loss)/income |  | $ | (13,250 | ) |  | $ | 2,479 |  |  | $ | (21,888 | ) |  | $ | 11,303 |
Less: Income distributed to participating securities |  |  | (552 | ) |  |  | (539 | ) |  |  | (1,107 | ) |  |  | (1,083 | )
Less: Undistributed income allocable to participating securities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (117 | )
Net (loss)/income available to common stockholders – Basic EPS |  | $ | (13,802 | ) |  | $ | 1,940 |  |  | $ | (22,995 | ) |  | $ | 10,103 |
Weighted average common shares (in thousands) |  |  | 151,623 |  |  |  | 151,818 |  |  |  | 152,071 |  |  |  | 151,722 |
Basic (loss)/earnings per share |  | $ | (0.09 | ) |  | $ | 0.01 |  |  | $ | (0.15 | ) |  | $ | 0.07 |
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Diluted Earnings per Share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net (loss)/income available to common stockholders |  | $ | (13,802 | ) |  | $ | 1,940 |  |  | $ | (22,995 | ) |  | $ | 10,103 |
Add back: Undistributed income allocable to participating securities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 117 |
Less: Reallocation of undistributed income allocable to participating securities considered potentially dilutive |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (117 | )
Net (loss)/income available to common stockholders – Diluted EPS |  | $ | (13,802 | ) |  | $ | 1,940 |  |  | $ | (22,995 | ) |  | $ | 10,103 |
Weighted Average Diluted Shares (in thousands): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares |  |  | 151,623 |  |  |  | 151,818 |  |  |  | 152,071 |  |  |  | 151,722 |
Dilutive effect of common stock equivalents, excluding participating securities |  |  | — |  |  |  | 194 |  |  |  | — |  |  |  | 192 |
Weighted average diluted shares, excluding participating securities (in thousands) |  |  | 151,623 |  |  |  | 152,012 |  |  |  | 152,071 |  |  |  | 151,914 |
Diluted (loss)/earnings per share |  | $ | (0.09 | ) |  | $ | 0.01 |  |  | $ | (0.15 | ) |  | $ | 0.07 |
Schedule of Weighted Average Number of Shares | The following table reconciles weighted average diluted shares as reported on the Company’s consolidated statements of operations for the three and six months ended June 30, 2020 and 2019 to the weighted average diluted shares used to calculate diluted (loss)/earnings per share as disclosed in the table above:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Reconciliation of Weighted Average Diluted Shares (in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average diluted shares as disclosed on the consolidated statements of operations |  |  | 151,623 | (1) |  |  | 167,249 |  |  |  | 152,071 | (1) |  |  | 166,855 |
Less: Participating securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average shares of common stock issuable upon conversion of the Preferred Shares (Note 14) |  |  | — |  |  |  | (14,750 | ) |  |  | — |  |  |  | (14,750 | )
Potentially dilutive restricted stock awards |  |  | — |  |  |  | (487 | ) |  |  | — |  |  |  | (191 | )
Weighted average diluted shares used to calculate diluted (loss)/earnings per share as disclosed in the table above |  |  | 151,623 |  |  |  | 152,012 |  |  |  | 152,071 |  |  |  | 151,914 |
(1) | Excludes 15,010,897 and 14,991,139 participating securities for the three and six months ended June 30, 2020 as the Company reported a net loss for those periods. Also excludes 0 and 7,992 potentially dilutive common stock equivalents for the three and six months ended June 30, 2020 as the Company reported a net loss for the period.

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