EPS Calculation (Tables)

6 Months Ended

Jun. 30, 2021

Schedule of reconciliation of the earnings and shares used in calculating basic and diluted EPS

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 six months ended June 30, 2021 and 2020:


	Three Months Ended June 30,				Six Months Ended June 30,
(In Thousands, Except Per Share Amounts)	2021		2020		2021		2020
Basic Earnings/(Loss) per Share:
Net income/(loss) to common stockholders	$	66,714	$	96,578	$	152,236	$	(812,417)
Dividends declared on preferred stock	(8,219)		(8,144)		(16,438)		(13,359)
Dividends, dividend equivalents and undistributed earnings allocated to participating securities	(205)		(297)		(479)		—
Net income/(loss) to common stockholders - basic	$	58,290	$	88,137	$	135,319	$	(825,776)
Basic weighted average common shares outstanding	441,532		453,205		446,307		453,092
Basic Earnings/(Loss) per Share	$	0.13	$	0.19	$	0.30	$	(1.82)

Diluted Earnings/(Loss) per Share:
Net income/(loss) to common stockholders - basic	$	58,290	$	88,137	135,319		(825,776)
Interest expense on Convertible Senior Notes	—		3,893		7,823		—
Dividends, dividend equivalents and undistributed earnings allocated to participating securities	205		—		—		—
Net income/(loss) to common stockholders - diluted	$	58,495	$	92,030	$	143,142	$	(825,776)
Basic weighted average common shares outstanding	441,532		453,205		446,307		453,092
Effect of assumed conversion of Convertible Senior Notes to common shares	—		28,920		28,920		—
Unvested and vested restricted stock units	1,730		—		—		—
Effect of Warrants	—		375		—		—
Diluted weighted average common shares outstanding (1)	443,262		482,500		475,227		453,092
Diluted Earnings/(Loss) per Share	$	0.13	$	0.19	$	0.30	$	(1.82)

(1)At June 30, 2021, the Company had approximately 4.8 million equity instruments outstanding that were not included in the calculation of diluted EPS for the six months ended June 30, 2021, 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 $4.23. These equity instruments may have a dilutive impact on future EPS.