Net Income (Loss) per Share (Tables)

9 Months Ended

Sep. 30, 2021

Basic and Diluted Net Income per Share of Common Stock Using Two-Class Method

The table below presents the computation of basic and diluted net income per share of common stock for the three and nine months ended September 30, 2021 and 2020 ($ in thousands except per share data):


	For the three months ended September 30,				For the nine months ended September 30,
	2021		2020		2021		2020
Basic Earnings
Net income (loss)	$	60,392	$	49,338	$	186,418	$	(18,303)
Less: Preferred dividends	(3,126)		(3,385)		(9,896)		(10,155)
Net income (loss) available to common stockholders	$	57,266	$	45,953	$	176,522	$	(28,458)
Less: Dividends on participating securities	(874)		(717)		(2,570)		(2,238)
Basic Earnings	$	56,392	$	45,236	$	173,952	$	(30,696)

Diluted Earnings
Basic Earnings	$	56,392	$	45,236	$	173,952	$	(30,696)
Add: Dividends on participating securities	874		—		2,570		—
Add: Interest expense on Convertible Notes	8,277		—		24,783		—
Diluted Earnings	$	65,543	$	45,236	$	201,305	$	(30,696)

Number of Shares:
Basic weighted-average shares of common stock outstanding	139,891,777		146,612,313		139,860,882		150,679,773
Diluted weighted-average shares of common stock outstanding	170,884,172		146,612,313		170,836,682		150,679,773

Earnings Per Share Attributable to Common Stockholders
Basic	$	0.40	$	0.31	$	1.24	$	(0.20)
Diluted	$	0.38	$	0.31	$	1.18	$	(0.20)