Earnings (Loss) Per Common Share

3 Months Ended

Mar. 31, 2021

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 ("PSUs") and restricted stock units ("RSUs"), and the number of incremental shares that are to be added to the weighted-average number of shares outstanding.

During the three months ended March 31, 2021 and 2020, the Company's Convertible Notes were determined to be anti-dilutive and were not included in the calculation of diluted earnings (loss) per common share.

During the three months ended March 31, 2021, certain of the PSUs and RSUs awarded under the Company's 2017 Equity Incentive Plan (as amended, 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 and outstanding RSUs vest according to the respective PSU and RSU 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. During the three months ended March 31, 2020, the PSUs and 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.

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


	Three Months Ended March 31,
	2021		2020
Basic Earnings (Loss) per Common Share:
Net income (loss) attributable to Company	$	52,208	$	(588,383)
Less: Preferred Stock dividends (1)	(10,297)		(10,297)
Net income (loss) attributable to Company's common stockholders	$	41,911	$	(598,680)
Basic weighted average common shares outstanding	378,881		350,912
Basic Earnings (Loss) per Common Share	$	0.11	$	(1.71)

Diluted Earnings (Loss) per Common Share:
Net income (loss) attributable to Company	$	52,208	$	(588,383)
Less: Preferred Stock dividends (1)	(10,297)		(10,297)

Net income (loss) attributable to Company's common stockholders	$	41,911	$	(598,680)
Weighted average common shares outstanding	378,881		350,912

Net effect of assumed PSUs vested	1,859		—
Net effect of assumed RSUs vested	75		—
Diluted weighted average common shares outstanding	380,815		350,912
Diluted Earnings (Loss) per Common Share	$	0.11	$	(1.71)

(1)Includes accumulated dividends for the three months ended March 31, 2020.