(Loss) Earnings Per Common Share

3 Months Ended

Mar. 31, 2022

Earnings Per Common Share

The Company calculates basic (loss) earnings per common share by dividing net (loss) income attributable to the Company's common stockholders for the period by weighted-average shares of common stock outstanding for that period. Diluted (loss) earnings 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, 2022 and 2021, the Company's Convertible Notes were determined to be anti-dilutive and were not included in the calculation of diluted (loss) earnings per common share. The Company redeemed the Convertible Notes at maturity in the amount of $138.0 million on January 15, 2022.

During the three months ended March 31, 2022, the PSUs and RSUs awarded under the Company's 2017 Equity Incentive Plan (as amended, the "2017 Plan") were determined to be anti-dilutive and were not included in the calculation of diluted loss per common share. During the three months ended March 31, 2021, certain of the PSUs and RSUs 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 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.

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):


	Three Months Ended March 31,
	2022		2021
Basic (Loss) Earnings per Common Share:
Net (loss) income attributable to Company	$	(73,850)	$	52,208
Less: Preferred Stock dividends	(10,493)		(10,297)

Net (loss) income attributable to Company's common stockholders	$	(84,343)	$	41,911
Basic weighted average common shares outstanding	380,795		378,881
Basic (Loss) Earnings per Common Share	$	(0.22)	$	0.11

Diluted (Loss) Earnings per Common Share:
Net (loss) income attributable to Company	$	(73,850)	$	52,208
Less: Preferred Stock dividends	(10,493)		(10,297)

Net (loss) income attributable to Company's common stockholders	$	(84,343)	$	41,911
Weighted average common shares outstanding	380,795		378,881
Net effect of assumed PSUs vested	—		1,859
Net effect of assumed RSUs vested	—		75
Diluted weighted average common shares outstanding	380,795		380,815
Diluted (Loss) Earnings per Common Share	$	(0.22)	$	0.11