Net Income (Loss) per Share (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2023 and 2022 ($ in thousands except per share data):


	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
Basic Earnings
Net income (loss)	$	46,071	$	183,030	$	11,587	$	269,219
Less: Preferred dividends	(3,068)		(3,068)		(9,204)		(9,204)
Net income (loss) available to common stockholders	$	43,003	$	179,962	$	2,383	$	260,015
Less: Dividends on participating securities	(989)		(898)		(2,989)		(2,698)
Basic Earnings (Loss)	$	42,014	$	179,064	$	(606)	$	257,317

Diluted Earnings
Basic Earnings (Loss)	$	42,014	$	179,064	$	(606)	$	257,317
Add: Dividends on participating securities	—		898		—		2,698
Add: Interest expense on Convertible Notes	—		5,684		—		20,608
Diluted Earnings	$	42,014	$	185,646	$	(606)	$	280,623

Number of Shares:
Basic weighted-average shares of common stock outstanding	141,350,428		140,594,987		141,255,730		140,513,957
Diluted weighted-average shares of common stock outstanding	141,350,428		164,350,132		141,255,730		169,252,602

Earnings (Loss) Per Share Attributable to Common Stockholders
Basic	$	0.30	$	1.27	$	—	$	1.83
Diluted	$	0.30	$	1.13	$	—	$	1.66