EPS Calculation (Tables)

6 Months Ended

Jun. 30, 2022

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

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)	2022		2021		2022		2021
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 outstanding	102,515		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 outstanding	102,515		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.