
	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Diluted Earnings/(Loss) per Share
Net income/(loss) available to common stockholders	$	5,180		$	(826	)	$	34,310		$	(23,821	)
Add back: Undistributed income allocable to participating securities		115			—			2,666			—
Less: Reallocation of undistributed income allocable to participating securities considered potentially dilutive		(115	)		—			(2,647	)		—

Net income/(loss) available to common stockholders – Diluted EPS	$	5,180		$	(826	)	$	34,329		$	(23,821	)

Weighted Average Diluted Shares (in thousands):
Weighted average common shares		142,070			145,564			144,445			149,886
Dilutive effect of common stock equivalents, excluding participating securities		1,072			—			1,159			—

Weighted average diluted shares, excluding participating securities (in thousands)		143,142			145,564			145,604			149,886

Diluted earnings/(loss) per share	$	0.04		$	(0.01	)	$	0.24		$	(0.16	)

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 nine months ended September 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 48 and 324 during the three months ended September 30, 2021 and 2020, respectively, and 130 and 441 during the nine months ended September 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 nine months ended September 30, 2021 were 1,042 and 1,140, respectively (shares herein are reported in thousands). There were no potential common shares included in weighted average diluted shares for the three and nine months ended September 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 nine months ended September 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 September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Reconciliation of Weighted Average Diluted Shares (in thousands)
Weighted average diluted shares as disclosed on the Consolidated Statements of Operations		159,213			145,564	(1)		161,706			149,886	(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		(1,321	)		—			(1,352	)		—

Weighted average diluted shares used to calculate diluted earnings/(loss) per share as disclosed in the table above		143,142			145,564			145,604			149,886

(1)

Excludes 15,307 participating securities and 5 potentially dilutive common stock equivalents for the three months ended September 30, 2020 and 14,997 participating securities and 5 potentially dilutive common stock equivalents for the nine months ended September 30, 2020, as the Company reported a net loss for the period (shares herein are reported in thousands).