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EPS Calculation | 9 Months Ended
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Sep. 30, 2020
Earnings Per Share [Abstract] |
EPS Calculation | EPS Calculation The following table presents a reconciliation of the earnings/(loss) and shares used in calculating basic and diluted earnings/(loss) per share for the three and nine months ended September 30, 2020 and 2019:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In Thousands, Except Per Share Amounts) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Basic Earnings/(Loss) per Share: |  |  |  |  |  |  |  |
Net income/(loss) to common stockholders |  | $ | 87,210 |  |  | $ | 95,599 |  |  | $ | (725,207) |  |  | $ | 277,496 |
Dividends declared on preferred stock |  | (8,219) |  |  | (3,750) |  |  | (21,578) |  |  | (11,250) |
Dividends, dividend equivalents and undistributed earnings allocated to participating securities |  | (325) |  |  | (280) |  |  | (91) |  |  | (808) |
Net income/(loss) to common stockholders - basic |  | $ | 78,666 |  |  | $ | 91,569 |  |  | $ | (746,876) |  |  | $ | 265,438 |
Basic weighted average common shares outstanding |  | 453,323 |  |  | 451,020 |  |  | 453,170 |  |  | 450,641 |
Basic Earnings/(Loss) per Share |  | $ | 0.17 |  |  | $ | 0.20 |  |  | $ | (1.65) |  |  | $ | 0.59 |
Diluted Earnings/(Loss) per Share: |  |  |  |  |  |  |  |
Net income/(loss) to common stockholders - basic |  | $ | 78,666 |  |  | $ | 91,569 |  |  | (746,876) |  |  | 265,438 |
Interest expense on Convertible Senior Notes |  | 3,898 |  |  | 3,879 |  |  | — |  |  | 5,085 |
Net income/(loss) to common stockholders - diluted |  | $ | 82,564 |  |  | $ | 95,448 |  |  | $ | (746,876) |  |  | $ | 270,523 |
Basic weighted average common shares outstanding |  | 453,323 |  |  | 451,020 |  |  | 453,170 |  |  | 450,641 |
Effect of assumed conversion of Convertible Senior Notes to common shares |  | 28,920 |  |  | 28,920 |  |  | — |  |  | 12,712 |
Effect of incremental shares issued on assumed conversion of Warrants |  | 11,297 |  |  | — |  |  | — |  |  | — |
Diluted weighted average common shares outstanding (1) |  | 493,540 |  |  | 479,940 |  |  | 453,170 |  |  | 463,353 |
Diluted Earnings/(Loss) per Share |  | $ | 0.17 |  |  | $ | 0.20 |  |  | $ | (1.65) |  |  | $ | 0.58 |
(1)At September 30, 2020, the Company had approximately 39.0 million equity instruments outstanding that were not included in the calculation of diluted EPS for the nine months ended September 30, 2020, as their inclusion would have been anti-dilutive. These equity instruments reflect RSUs (based on current estimate of expected share settlement amount) with a weighted average grant date fair value of $6.29 and approximately 37.0 million warrants with a weighted average exercise price of $1.87 per share. These equity instruments may have a dilutive impact on future EPS. During the nine months ended September 30, 2020, the Convertible Senior Notes were determined to be anti-dilutive and were not included in the calculation of diluted EPS under the “if-converted” method. Under this method, the periodic interest expense for dilutive notes is added back to the numerator and the weighted average number of shares that the notes are entitled to (if converted, regardless of whether the conversion option is in or out of the money) is included in the denominator for the purpose of calculating diluted EPS. The Convertible Senior Notes may have a dilutive impact on future EPS.

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