XML 44 R28.htm IDEA: XBRL DOCUMENT

Earnings Per Share

6 Months Ended

Jun. 30, 2022

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,
	2022			2021			2022			2021
Basic Earnings/(Loss) per Share
Net income/(loss)	$	8,005		$	17,630		$	(2,256	)	$	32,777
Less: Income distributed to participating securities		(548	)		(538	)		(1,097	)		(1,096	)
Less: Undistributed income allocable to participating securities		(358	)		(1,394	)		—			(2,550	)

Net income/(loss) available to common stockholders – Basic EPS	$	7,099		$	15,698		$	(3,353	)	$	29,131
Weighted average common shares (in thousands)		143,046			145,542			142,915			145,652

Basic earnings/(loss) per share	$	0.05		$	0.11		$	(0.02	)	$	0.20


	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Diluted Earnings/(Loss) per Share
Net income/(loss) available to common stockholders	$	7,099		$	15,698		$	(3,353	)	$	29,131
Add back: Undistributed income allocable to participating securities		358			1,394			—			2,550
Less: Reallocation of undistributed income allocable to participating securities considered potentially dilutive		(357	)		(1,367	)		—			(2,529	)

Net income/(loss) available to common stockholders – Diluted EPS	$	7,100		$	15,725		$	(3,353	)	$	29,152

Weighted Average Diluted Shares (in thousands):
Weighted average common shares		143,046			145,542			142,915			145,652
Dilutive effect of common stock equivalents, excluding participating securities		379			3,272			—			1,352

Weighted average diluted shares, excluding participating securities (in thousands)		143,425			148,814			142,915			147,004

Diluted earnings/(loss) per share	$	0.05		$	0.11		$	(0.02	)	$	0.20

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 six months ended June 30, 2022, 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 303 and 300, respectively, during the three and six months ended June 30, 2022, and 55 and 130, respectively, during the comparable periods in 2021 (shares herein are reported in thousands).

Potential common shares associated with the conversion option embedded in the Convertible Notes were excluded from the computation for the three and six months ended June 30, 2022 as the Company’s average stock price during those respective periods was lower than the conversion price. 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).

The following table reconciles weighted average diluted shares as reported in the Consolidated Statements of Operations for the three and six months ended June 30, 2022 and 2021, 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,
	2022			2021			2022			2021
Reconciliation of Weighted Average Diluted Shares (in thousands)
Weighted average diluted shares as disclosed on the consolidated statements of operations		158,976			164,855			142,915	(1)		163,062
Less: Participating securities
Weighted average shares of common stock issuable upon conversion of the Preferred Shares (Note 11)		(14,750	)		(14,750	)		—			(14,750	)
Potentially dilutive restricted stock awards		(801	)		(1,291	)		—			(1,308	)

Weighted average diluted shares used to calculate diluted earnings/(loss) per share as disclosed in the table above		143,425			148,814			142,915			147,004

(1)	Excludes 15,486 participating securities and 356 potentially dilutive non-participating common stock equivalents for the six months ended June 30, 2022 as the Company reported a net loss for the period (shares herein are reported in thousands).