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Earnings Per Share | 9 Months Ended
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Sep. 30, 2022
Earnings Per Share [Abstract] |
Earnings Per Share | 18. Earnings Per Share The following tables set forth reconciliations of the basic and diluted earnings per share computations for the periods presented:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Basic Earnings per Share |  | 2022 |  | 2021 |  | 2022 |  | 2021
Net income |  | $ | 81,229 |  |  | $ | 5,833 |  |  | $ | 78,973 |  |  | $ | 38,610 |
Less: Income distributed to participating securities |  |  | (546 | ) |  |  | (538 | ) |  |  | (1,644 | ) |  |  | (1,634 | )
Less: Undistributed income allocable to participating securities |  |  | (8,583 | ) |  |  | (115 | ) |  |  | (7,268 | ) |  |  | (2,666 | )
Net income available to common stockholders—Basic EPS |  | $ | 72,100 |  |  | $ | 5,180 |  |  | $ | 70,061 |  |  | $ | 34,310 |
Weighted average common shares (in thousands) |  |  | 143,120 |  |  |  | 142,070 |  |  |  | 142,984 |  |  |  | 144,445 |
Basic earnings per share |  | $ | 0.50 |  |  | $ | 0.04 |  |  | $ | 0.49 |  |  | $ | 0.24 |
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Diluted Earnings per Share |  | 2022 |  | 2021 |  | 2022 |  | 2021
Net income available to common stockholders |  | $ | 72,100 |  |  | $ | 5,180 |  |  | $ | 70,061 |  |  | $ | 34,310 |
Add back: Undistributed income allocable to participating securities |  |  | 8,583 |  |  |  | 115 |  |  |  | 7,268 |  |  |  | 2,666 |
Less: Reallocation of undistributed income allocable to participating securities considered potentially dilutive |  |  | (8,568 | ) |  |  | (115 | ) |  |  | (7,257 | ) |  |  | (2,647 | )
Net income available to common stockholders—Diluted EPS |  | $ | 72,115 |  |  | $ | 5,180 |  |  | $ | 70,072 |  |  | $ | 34,329 |
Weighted Average Diluted Shares (in thousands): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares |  |  | 143,120 |  |  |  | 142,070 |  |  |  | 142,984 |  |  |  | 144,445 |
Dilutive effect of common stock equivalents, excluding participating securities |  |  | 287 |  |  |  | 1,072 |  |  |  | 261 |  |  |  | 1,159 |
Weighted average diluted shares, excluding participating securities (in thousands) |  |  | 143,407 |  |  |  | 143,142 |  |  |  | 143,245 |  |  |  | 145,604 |
Diluted earnings per share |  | $ | 0.50 |  |  | $ | 0.04 |  |  | $ | 0.49 |  |  | $ | 0.24 |
Diluted earnings 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 483 and 410, respectively, during the three and nine months ended September 30, 2022, and 48 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 nine months ended September 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 nine months ended September 30, 2021 were 1,042 and 1,140, 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 nine months ended September 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 September 30, |  | Nine Months Ended September 30,
Reconciliation of Weighted Average Diluted Shares (in thousands) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Weighted average diluted shares as disclosed on the consolidated statements of operations |  |  | 158,953 |  |  |  | 159,213 |  |  |  | 158,741 |  |  |  | 161,706 |
Less: Participating securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average shares of common stock issuable upon conversion of the Preferred Shares (Note 11) |  |  | (14,750 | ) |  |  | (14,750 | ) |  |  | (14,750 | ) |  |  | (14,750 | )
Potentially dilutive restricted stock awards |  |  | (796 | ) |  |  | (1,321 | ) |  |  | (746 | ) |  |  | (1,352 | )
Weighted average diluted shares used to calculate diluted earnings/(loss) per share as disclosed in the table above |  |  | 143,407 |  |  |  | 143,142 |  |  |  | 143,245 |  |  |  | 145,604 |

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