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Earnings/(Loss) Per Share | 6 Months Ended
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Jun. 30, 2023
Earnings Per Share [Abstract] |
Earnings/(Loss) Per Share | 19. Earnings/(Loss) 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, |
Basic Earnings per Share |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Net income/(loss) |  | $ | 54,252 |  |  | $ | 8,005 |  |  | $ | 70,485 |  |  | $ | (2,256 | )
Less: Income distributed to participating securities |  |  | (496 | ) |  |  | (548 | ) |  |  | (994 | ) |  |  | (1,097 | )
Less: Undistributed income allocable to participating securities |  |  | (7,046 | ) |  |  | (358 | ) |  |  | (7,583 | ) |  |  | — |
Net income/(loss) available to common stockholders—Basic EPS |  | $ | 46,710 |  |  | $ | 7,099 |  |  | $ | 61,908 |  |  | $ | (3,353 | )
Weighted average common shares (in thousands) |  |  | 144,351 |  |  |  | 143,046 |  |  |  | 144,108 |  |  |  | 142,915 |
Basic earnings/(loss) per share |  | $ | 0.32 |  |  | $ | 0.05 |  |  | $ | 0.43 |  |  | $ | (0.02 | )
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
Diluted Earnings per Share |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Net income/(loss) available to common stockholders |  | $ | 46,710 |  |  | $ | 7,099 |  |  | $ | 61,908 |  |  | $ | (3,353 | )
Add back: Undistributed income allocable to participating securities |  |  | 7,046 |  |  |  | 358 |  |  |  | 7,583 |  |  |  | — |
Less: Reallocation of undistributed income allocable to participating securities considered potentially dilutive |  |  | (6,904 | ) |  |  | (357 | ) |  |  | (7,490 | ) |  |  | — |
Net income/(loss) available to common stockholders—Diluted EPS |  | $ | 46,852 |  |  | $ | 7,100 |  |  | $ | 62,001 |  |  | $ | (3,353 | )
Weighted Average Diluted Shares (in thousands): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares |  |  | 144,351 |  |  |  | 143,046 |  |  |  | 144,108 |  |  |  | 142,915 |
Dilutive effect of common stock equivalents, excluding participating securities |  |  | 3,464 |  |  |  | 379 |  |  |  | 2,047 |  |  |  | — |
Weighted average diluted shares, excluding participating securities (in thousands) |  |  | 147,815 |  |  |  | 143,425 |  |  |  | 146,155 |  |  |  | 142,915 |
Diluted earnings/(loss) per share |  | $ | 0.32 |  |  | $ | 0.05 |  |  | $ | 0.42 |  |  | $ | (0.02 | )
Dilut ed 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 157 and 208 , respectively, during the three and six months ended June 30, 2023, and 303 and 300 , respectively, during the comparable periods in 2022 (shares herein are reported in thousands). There were 855 and 430 potential common shares associated with the conversion options embedded in the 2020 Notes included in weighted average diluted shares for the three and six months ended June 30, 2023. There were no such potential common shares for the comparable periods in 2022 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 three and six months ended June 30, 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 June 30, |  |  | Six Months Ended June 30, |
Reconciliation of Weighted Average Diluted Shares (in thousands) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Weighted average diluted shares as disclosed on the Consolidated Statements of Operations |  |  | 170,672 |  |  |  | 158,976 |  |  |  | 165,468 |  |  |  | 142,915 | (1)
Less: Participating securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average shares of common stock issuable upon conversion of the Series A Preferred Stock (Note 11) |  |  | (14,750 | ) |  |  | (14,750 | ) |  |  | (14,750 | ) |  |  | — |
Weighted average shares of common stock issuable upon conversion of the Series C Preferred Stock (Note 11) |  |  | (7,478 | ) |  |  | — |  |  |  | (3,760 | ) |  |  | — |
Potentially dilutive restricted stock awards |  |  | (629 | ) |  |  | (801 | ) |  |  | (803 | ) |  |  | — |
Weighted average diluted shares used to calculate diluted earnings/(loss) per share as disclosed in the table above |  |  | 147,815 |  |  |  | 143,425 |  |  |  | 146,155 |  |  |  | 142,915 |
(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).

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