EPS Calculation (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Reconciliation of the (Loss)/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 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.