Earnings Per Share

12 Months Ended

Dec. 31, 2021

21. Earnings Per Share

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


	Years Ended December 31,
Basic Earnings/(Loss) per Share	2021			2020			2019
Net income/(loss)	$	49,797		$	(35,655	)	$	(10,425	)
Less: Income distributed to participating securities		(2,168	)		(2,216	)		(2,163	)
Less: Undistributed income allocable to participating securities		(3,378	)		—			—

Net income/(loss) available to common stockholders – Basic EPS	$	44,251		$	(37,871	)	$	(12,588	)
Weighted average common shares (in thousands)		143,847			148,682			151,823

Basic income/(loss) per share	$	0.31		$	(0.25	)	$	(0.08	)


	Years Ended December 31,
Diluted Earnings/(Loss) per Share	2021			2020			2019
Net income/(loss) available to common stockholders	$	44,251		$	(37,871	)	$	(12,588	)
Add back: Undistributed income allocable to participating securities		3,378			—			—
Less: Reallocation of undistributed income allocable to participating securities considered potentially dilutive		(3,353	)		—			—

Net income/(loss) available to common stockholders – Diluted EPS	$	44,276		$	(37,871	)	$	(12,588	)

Weighted Average Diluted Shares (in thousands ):
Weighted average common shares		143,847			148,682			151,823
Dilutive effect of common stock equivalents, excluding participating securities		1,208			—			—

Weighted average diluted shares, excluding participating securities (in thousands)		145,055			148,682			151,823

Diluted income/(loss) per share	$	0.31		$	(0.25	)	$	(0.08	)

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. Total antidilutive

non-participating

common stock equivalents were 132

315 and 166 during the years ended December 31, 2021, 2020 and 2019, respectively (shares herein are reported in thousands). During the years ended December 31, 2020 and 2019, there were no dilutive common stock equivalents as the Company reported a net loss for the period.

Potential common shares associated with the conversion option embedded in the Convertible Notes for the year ended December 31, 2021 were 1,186 (shares herein are reported in thousands). There were no potential common shares included in weighted average diluted shares for the year ended December 31, 2020 as the Company’s average stock price 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 years ended December 31, 2021, 2020 and 2019, 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:


	Years Ended December 31,
Reconciliation of Weighted Average Diluted Shares (in thousands)	2021			2020			2019
Weighted average diluted shares as disclosed on the Consolidated Statements of Operations		161,263			148,682	(1)		151,823	(1)
Less: Participating securities:
Weighted average shares of common stock issuable upon conversion of the Preferred Shares (Note 13)		(14,750	)		—			—
Potentially dilutive restricted stock awards		(1,458	)		—			—

Weighted average diluted shares used to calculate diluted earnings/(loss) per share as disclosed in the table above		145,055			148,682	(1)		151,823	(1)

(1)

Excludes 15,122 and 15,002 participating securities for the years ended December 31, 2020 and 2019, respectively, as the Company reported a net loss for those periods. Also excludes 6 and 152 potentially dilutive common stock equivalents for the years ended December 31, 2020 and 2019, respectively, as the Company reported a net loss for those periods (shares herein are reported in thousands).