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Earnings/(Loss) Per Share
 6 Months Ended
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).