Earnings (Loss) Per Common Share

12 Months Ended

Dec. 31, 2020

The Company calculates basic earnings (loss) per common share by dividing net income (loss) attributable to the Company’s common stockholders for the period by weighted-average shares of common stock outstanding for that period. Diluted earnings (loss) per common share takes into account the effect of dilutive instruments, such as convertible notes, performance share units and restricted stock units, and the number of incremental shares that are to be added to the weighted-average number of shares outstanding.

During the year ended December 31, 2020, the Company's Convertible Notes were determined to be anti-dilutive and were not included in the calculation of diluted loss per common share. During the years ended December 31, 2019 and 2018, the Company’s Convertible Notes were determined to be dilutive and were included in the calculation of diluted earnings per common share under the “if-converted” method. Under this method, the periodic interest expense (net of applicable taxes) for dilutive notes is added back to the numerator and the number of shares that the notes are entitled to (if converted, regardless of whether they are in or out of the money) are included in the denominator.

During the year ended December 31, 2020, the RSUs awarded under the 2017 Plan were determined to be anti-dilutive and were not included in the calculation of diluted loss per common share. There were no RSUs outstanding during the years ended December 31, 2019 and 2018.

During the year ended December 31, 2020, the PSUs awarded under the 2017 Plan were determined to be anti-dilutive and were not included in the calculation of diluted loss per common share. During the years ended December 31, 2019 and 2018, PSUs awarded under the 2017 Plan were determined to be dilutive and were included in the calculation of diluted earnings per common share under the treasury stock method. Under this method, common equivalent shares are calculated assuming that target PSUs vest according to the PSU Agreements and unrecognized compensation cost is used to repurchase shares of the Company’s outstanding common stock at the average market price during the reported period.

The following table presents the computation of basic and diluted (loss) earnings per common share for the periods indicated (dollar and share amounts in thousands, except per share amounts):


	For the Years Ended December 31,
	2020		2019		2018
Basic (Loss) Earnings per Common Share
Net (loss) income attributable to Company	$	(288,510)	$	173,736	$	102,886
Less: Preferred Stock dividends	(41,186)		(28,901)		(23,700)
Net (loss) income attributable to Company’s common stockholders	$	(329,696)	$	144,835	$	79,186
Basic weighted average common shares outstanding	371,004		221,380		127,243
Basic (Loss) Earnings per Common Share	$	(0.89)	$	0.65	$	0.62

Diluted (Loss) Earnings per Common Share:
Net (loss) income attributable to Company	$	(288,510)	$	173,736	$	102,886
Less: Preferred Stock dividends	(41,186)		(28,901)		(23,700)
Add back: Interest expense on Convertible Notes for the period, net of tax	—		10,662		10,475
Net (loss) income attributable to Company’s common stockholders	$	(329,696)	$	155,497	$	89,661
Weighted average common shares outstanding	371,004		221,380		127,243
Net effect of assumed Convertible Notes conversion to common shares	—		19,695		19,695
Net effect of assumed PSUs vested	—		1,521		512
Diluted weighted average common shares outstanding	371,004		242,596		147,450
Diluted (Loss) Earnings per Common Share	$	(0.89)	$	0.64	$	0.61