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EPS Calculation
 6 Months Ended
Jun. 30, 2022
Earnings Per Share [Abstract]  
EPS Calculation EPS Calculation
 
The following table presents a reconciliation of the (loss)/earnings and shares used in calculating basic and diluted (loss)/earnings per share for the three and six months ended June 30, 2022 and 2021:
 
Three Months Ended
June 30,		Six Months Ended
June 30,
(In Thousands, Except Per Share Amounts)2022202120222021
Basic (Loss)/Earnings per Share:
Net (loss)/income$(100,367)$66,714 $(183,273)$152,236 
Dividends declared on preferred stock(8,219)(8,219)(16,438)(16,438)
Dividends, dividend equivalents and undistributed earnings allocated to participating securities(174)(205)(315)(479)
Net (loss)/income to available common stockholders - basic$(108,760)$58,290 $(200,026)$135,319 
Basic weighted average common shares outstanding102,515 110,383 104,531 111,577 
Basic (Loss)/Earnings per Share$(1.06)$0.53 $(1.91)$1.21 
Diluted (Loss)/Earnings per Share:
Net (loss)/income to available common stockholders - basic$(108,760)$58,290 $(200,026)$135,319 
Interest expense on Convertible Senior Notes — — — 7,823 
Dividends, dividend equivalents and undistributed earnings allocated to participating securities— 205 — 479 
Net (loss)/income available to common stockholders - diluted$(108,760)$58,495 $(200,026)$143,621 
Basic weighted average common shares outstanding102,515 110,383 104,531 111,577 
Effect of assumed conversion of Convertible Senior Notes to common shares— — — 7,230 
Unvested and vested restricted stock units— 657 — 442 
Diluted weighted average common shares outstanding (1)
102,515 111,040 104,531 119,249 
Diluted (Loss)/Earnings per Share$(1.06)$0.53 $(1.91)$1.20 

(1)The Company had approximately 1.5 million equity instruments outstanding that were determined to be anti-dilutive and were excluded from the calculation of diluted EPS for the six months ended June 30, 2022.  These equity instruments reflect RSUs (based on current estimate of expected share settlement amount) with a weighted average grant date fair value of $17.07. These equity instruments may continue to have a dilutive impact on future EPS.  
During the six months ended June 30, 2022, the Convertible Senior Notes were determined to be anti-dilutive and were excluded from 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.