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Earnings Per Share

9 Months Ended

Sep. 30, 2022

Note 15—Earnings Per Share

The following table presents a reconciliation of income from operations used in the basic and diluted earnings per share (“EPS”) calculations ($ in thousands, except for per share data):


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
Net income (loss) from continuing operations	$	17,952	$	109,380	$	(116,430)	$	58,152
Net (income) loss from continuing operations attributable to noncontrolling interests		53		(10)		(46)		55
Preferred dividends		(5,874)		(5,874)		(17,622)		(17,622)
Net income (loss) from continuing operations and allocable to common shareholders for basic and diluted earnings per common share	$	12,131	$	103,496	$	(134,098)	$	40,585


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
Earnings allocable to common shares:
Numerator for basic and diluted earnings per share:
Net income (loss) from continuing operations and allocable to common shareholders	$	12,131	$	103,496	$	(134,098)	$	40,585
Net income from discontinued operations		—		21,614		797,688		69,415
Net (income) from discontinued operations attributable to noncontrolling interests		—		(3,254)		(179,089)		(8,092)
Net income allocable to common shareholders	$	12,131	$	121,856	$	484,501	$	101,908

Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic earnings per common share		85,458		71,299		78,706		72,675
Add: Effect of assumed shares issued under treasury stock method for restricted stock units		76		221		—		206
Add: Effect of convertible debt		333		8,967		—		5,521
Weighted average common shares outstanding for basic and diluted earnings per common share		85,867		80,487		78,706		78,402

Basic earnings per common share:⁽¹⁾
Net income (loss) from continuing operations and allocable to common shareholders	$	0.14	$	1.45	$	(1.70)	$	0.56
Net income from discontinued operations and allocable to common shareholders		—		0.26		7.86		0.84
Net income allocable to common shareholders	$	0.14	$	1.71	$	6.16	$	1.40

Diluted earnings per common share:⁽¹⁾
Net income (loss) from continuing operations and allocable to common shareholders	$	0.14	$	1.28	$	(1.70)	$	0.52
Net income from discontinued operations and allocable to common shareholders		—		0.23		7.86		0.78
Net income allocable to common shareholders	$	0.14	$	1.51	$	6.16	$	1.30

(1)

For the nine months ended September 30, 2022, the Company’s restricted stock awards were anti-dilutive due to the Company having a net loss from continuing operations and allocable to common shareholders for the period. For the nine months ended September 30, 2022, 3,649,934 shares of the 3.125% Convertible Notes were antidilutive due to the Company having a net loss from continuing operations and allocable to common shareholders for the period.