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EPS Calculation | 9 Months Ended
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Sep. 30, 2024
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, 2024 and 2023:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In Thousands, Except Per Share Amounts) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Basic Earnings/(Loss) per Share: |  |  |  |  |  |  |  |
Net income/(loss) |  | $ | 48,183 |  |  | $ | (56,438) |  |  | $ | 113,342 |  |  | $ | (9,582) |
Dividends declared on preferred stock |  | (8,219) |  |  | (8,219) |  |  | (24,656) |  |  | (24,656) |
Dividends, dividend equivalents and undistributed earnings allocated to participating securities |  | (94) |  |  | — |  |  | (367) |  |  | — |
Net income/(loss) available to common stockholders - basic |  | $ | 39,870 |  |  | $ | (64,657) |  |  | $ | 88,319 |  |  | $ | (34,238) |
Basic weighted average common shares outstanding |  | 103,647 |  |  | 102,255 |  |  | 103,423 |  |  | 102,199 |
Basic Income/(Loss) per Share |  | $ | 0.38 |  |  | $ | (0.64) |  |  | $ | 0.85 |  |  | $ | (0.34) |
Diluted Earnings/(Loss) per Share: |  |  |  |  |  |  |  |
Net income/(loss) available to common stockholders - basic |  | $ | 39,870 |  |  | $ | (64,657) |  |  | $ | 88,319 |  |  | $ | (34,238) |
Interest expense on Convertible Senior Notes |  | — |  |  | — |  |  | — |  |  | — |
Dividends, dividend equivalents and undistributed earnings allocated to participating securities |  | — |  |  | — |  |  | — |  |  | — |
Net income/(loss) available to common stockholders - diluted |  | $ | 39,870 |  |  | $ | (64,657) |  |  | $ | 88,319 |  |  | $ | (34,238) |
Basic weighted average common shares outstanding |  | 103,647 |  |  | 102,255 |  |  | 103,423 |  |  | 102,199 |
Effect of assumed conversion of Convertible Senior Notes to common shares |  | — |  |  | — |  |  | — |  |  | — |
Unvested and vested restricted stock units |  | 2,744 |  |  | — |  |  | 2,508 |  |  |
Diluted weighted average common shares outstanding (1) |  | 106,391 |  |  | 102,255 |  |  | 105,931 |  |  | 102,199 |
Diluted Income/(Loss) per Share |  | $ | 0.37 |  |  | $ | (0.64) |  |  | $ | 0.83 |  |  | $ | (0.34) |
(1)At September 30, 2024, the Company had approximately 235,000 and 243,000 equity instruments outstanding that were excluded from the calculation of diluted EPS for the three and nine months ended September 30, 2024, respectively as they were determined to be 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 $11.25 and $11.30, respectively. These equity instruments may have a dilutive impact on future EPS. During the nine months ended September 30, 2024, 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) are included in the denominator for the purpose of calculating diluted EPS.

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