Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2021

Reconciliation of Basic and Diluted 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 September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Basic Earnings/(Loss) per Share
Net income/(loss)	$	5,833		$	(270	)	$	38,610		$	(22,158	)
Less: Income distributed to participating securities		(538	)		(556	)		(1,634	)		(1,663	)
Less: Undistributed income allocable to participating securities		(115	)		—			(2,666	)		—

Net income/(loss) available to common stockholders – Basic EPS	$	5,180		$	(826	)	$	34,310		$	(23,821	)
Weighted average common shares (in thousands)		142,070			145,564			144,445			149,886

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


	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	)

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 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).