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Earnings/(Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31,
Basic Earnings/(Loss) per Share	2023			2022
Net income/(loss)	$	16,233		$	(10,261	)
Less: Income distributed to participating securities		(498	)		(549	)
Less: Undistributed income allocable to participating securities		(1,206	)		—

Net income/(loss) available to common stockholders—Basic EPS	$	14,529		$	(10,810	)

Weighted average common shares (in thousands)		143,862			142,782

Basic earnings/(loss) per share	$	0.10		$	(0.08	)


	Three Months Ended March 31,
Diluted Earnings/(Loss) per Share	2023			2022
Net earnings/(loss) available to common stockholders	$	14,529		$	(10,810	)
Add back: Undistributed income allocable to participating securities		1,206			—
Less: Reallocation of undistributed income allocable to participating securities considered potentially dilutive		(1,202	)		—

Net income/(loss) available to common stockholders—Diluted EPS	$	14,533		$	(10,810	)

Weighted Average Diluted Shares (in thousands) :
Weighted average common shares		143,862			142,782
Dilutive effect of common stock equivalents, excluding participating securities		569			—

Weighted average diluted shares, excluding participating securities (in thousands)		144,431			142,782

Diluted earnings/(loss) per share	$	0.10		$	(0.08	)

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 months ended March 31, 2023 and 2022, 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 March 31,
Reconciliation of Weighted Average Diluted Shares (in thousands)	2023			2022
Weighted average diluted shares as disclosed on the Consolidated Statements of Operations		159,887			142,782	(1)
Less: Participating securities:
Weighted average shares of common stock issuable upon conversion of the Series A Preferred Stock (Note 11)		(14,750	)		—
Potentially dilutive restricted stock awards		(706	)		—

Weighted average diluted shares used to calculate diluted earnings/(loss) per share as disclosed in the table above		144,431			142,782

(1)	Excludes 15,521 participating securities and 31 potentially dilutive non-participating common stock equivalents for the three months ended March 31, 2022, as the Company reported a net loss for the period (shares herein are reported in thousands).