Net Income (Loss) per Share (Tables)

6 Months Ended

Jun. 30, 2023

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 (loss) per share of common stock for the three and six months ended June 30, 2023 and 2022 ($ in thousands except per share data):


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Basic Earnings
Net income (loss)	$	(83,400)	$	70,951	$	(34,484)	$	86,189
Less: Preferred dividends	(3,068)		(3,068)		(6,136)		(6,136)
Net income (loss) available to common stockholders	$	(86,468)	$	67,883	$	(40,620)	$	80,053
Less: Dividends on participating securities	(997)		(901)		(2,000)		(1,800)
Basic Earnings	$	(87,465)	$	66,982	$	(42,620)	$	78,253

Diluted Earnings
Basic Earnings	$	(87,465)	$	66,982	$	(42,620)	$	78,253
Add: Dividends on participating securities	—		901		—		—
Add: Interest expense on Convertible Notes	—		7,464		—		14,924
Diluted Earnings	$	(87,465)	$	75,347	$	(42,620)	$	93,177

Number of Shares:
Basic weighted-average shares of common stock outstanding	141,341,238		140,590,843		141,207,597		140,472,771
Diluted weighted-average shares of common stock outstanding	141,341,238		171,698,185		141,207,597		169,006,042

Earnings (Loss) Per Share Attributable to Common Stockholders
Basic	$	(0.62)	$	0.48	$	(0.30)	$	0.56
Diluted	$	(0.62)	$	0.44	$	(0.30)	$	0.55