Earnings Per Share

6 Months Ended

Jun. 30, 2021

19. Earnings Per Share

The following tables set forth reconciliations of the basic and diluted earnings/(loss) per share computations for the periods presented:


	Three Months Ended June 30,						Six Months Ended June 30,
Basic Earnings/(Loss) per Share	2021			2020			2021			2020
Net income/(loss)	$	17,630		$	(13,250	)	$	32,777		$	(21,888	)
Less: Income distributed to participating securities		(538	)		(552	)		(1,096	)		(1,107	)
Less: Undistributed income allocable to participating securities		(1,394	)		—			(2,550	)		—

Net income/(loss) available to common stockholders – Basic EPS	$	15,698		$	(13,802	)	$	29,131		$	(22,995	)
Weighted average common shares (in thousands)		145,542			151,623			145,652			152,071

Basic earnings/(loss) per share	$	0.11		$	(0.09	)	$	0.20		$	(0.15	)


	Three Months Ended June 30,						Six Months Ended June 30,
Diluted Earnings/(Loss) per Share	2021			2020			2021			2020
Net income/(loss) available to common stockholders	$	15,698		$	(13,802	)	$	29,131		$	(22,995	)
Add back: Undistributed income allocable to participating securities		1,394			—			2,550			—
Less: Reallocation of undistributed income allocable to participating securities considered potentially dilutive		(1,367	)		—			(2,529	)		—

Net income/(loss) available to common stockholders – Diluted EPS	$	15,725		$	(13,802	)	$	29,152		$	(22,995	)


Weighted Average Diluted Shares (in thousands) :
Weighted average common shares		145,542			151,623			145,652			152,071
Dilutive effect of common stock equivalents, excluding participating securities		3,272			—			1,352			—

Weighted average diluted shares, excluding participating securities (in thousands)		148,814			151,623			147,004			152,071

Diluted earnings/(loss) per share	$	0.11		$	(0.09	)	$	0.20		$	(0.15	)

Diluted earnings/(loss) per share presented above is calculated using the

two-class

method as this method results in the lowest diluted earnings per share amount for common stock. During the three and six months ended June 30, 2020, there were no dilutive common stock equivalents as the Company reported a net loss for the period. Total antidilutive

non-participating

common stock equivalents were 55 and 358 during the three months ended June 30, 2021 and 2020,

respectively,

and 130 and 441 during the six months ended June 30, 2021 and 2020, respectively (shares herein are reported in thousands).

Potential common shares associated with the conversion option embedded in the Convertible Notes for the three and six months ended June 30, 2021 were 3,019 and 1,191,

respectively (shares herein are reported in thousands). There were no potential common shares included in weighted average diluted shares for the three and six months ended June 30, 2020 as the Company’s average stock price during those respective periods was lower than the conversion price.

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, 2021 and 2020, which are determined pursuant to the treasury stock method, to the weighted average diluted shares used to calculate diluted earnings/(loss) per share as disclosed in the table above:


	Three Months Ended June 30,						Six Months Ended June 30,
Reconciliation of Weighted Average Diluted Shares (in thousands)	2021			2020			2021			2020
Weighted average diluted shares as disclosed on the consolidated statements of operations		164,855			151,623	(1)		163,062			152,071	(1)
Less: Participating securities
Weighted average shares of common stock issuable upon conversion of the Preferred Shares (Note 12)		(14,750	)		—			(14,750	)		—
Potentially dilutive restricted stock awards		(1,291	)		—			(1,308	)		—

Weighted average diluted shares used to calculate diluted earnings/(loss) per share as disclosed in the table above		148,814			151,623			147,004			152,071

(1)

Excludes 15,011 participating securities and zero potentially dilutive common stock equivalents for the three months ended June 30, 2020 and 14,991 participating securities and 8 potentially dilutive common stock equivalents for the six months ended June 30, 2020, as the Company reported a net loss for the period (shares herein are reported in thousands).