Earnings (Loss) Per Common Share

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2021, 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 June 30, 2020, 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 six months ended June 30, 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 three and six months ended June 30, 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 June 30, 2020, certain of the PSUs and RSUs awarded under the 2017 Plan were determined to be dilutive. During the six months ended June 30, 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 June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Basic Earnings (Loss) per Common Share:
Net income (loss) attributable to Company	$	53,240	$	117,813	$	105,448	$	(470,570)
Less: Preferred Stock dividends (1)	(10,296)		(10,296)		(20,593)		(20,593)
Net income (loss) attributable to Company's common stockholders	$	42,944	$	107,517	$	84,855	$	(491,163)
Basic weighted average common shares outstanding	379,299		377,465		379,091		364,189
Basic Earnings (Loss) per Common Share	$	0.11	$	0.28	$	0.22	$	(1.35)

Diluted Earnings (Loss) per Common Share:
Net income (loss) attributable to Company	$	53,240	$	117,813	$	105,448	$	(470,570)
Less: Preferred Stock dividends (1)	(10,296)		(10,296)		(20,593)		(20,593)
Add back: Interest expense on Convertible Notes for the period, net of tax	—		2,665		—		—
Net income (loss) attributable to Company's common stockholders	$	42,944	$	110,182	$	84,855	$	(491,163)
Weighted average common shares outstanding	379,299		377,465		379,091		364,189
Net effect of assumed Convertible Notes conversion to common shares	—		19,695		—		—
Net effect of assumed PSUs vested	2,003		642		1,931		—
Net effect of assumed RSUs vested	215		2,180		145		—
Diluted weighted average common shares outstanding	381,517		399,982		381,167		364,189
Diluted Earnings (Loss) per Common Share	$	0.11	$	0.28	$	0.22	$	(1.35)

(1)For the six months ended June 30, 2020, includes Preferred Stock dividends declared in arrears in June 2020 for the quarterly period that began on January 15, 2020 and ended on April 14, 2020.