(Loss) Earnings Per Common Share

9 Months Ended

Sep. 30, 2022

17. (Loss) 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.

The Company redeemed the Convertible Notes at maturity in the amount of $138.0 million on January 15, 2022. During the nine months ended September 30, 2022 and the three and nine months ended September 30, 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.

During the three and nine months ended September 30, 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 and nine months ended September 30, 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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Basic (Loss) Earnings per Common Share:
Net (loss) income attributable to Company	$	(115,277)	$	51,576	$	(261,023)	$	157,024
Less: Preferred Stock dividends	(10,493)		(11,272)		(31,478)		(31,865)
Less: Preferred Stock redemption charge	—		(3,443)		—		(3,443)
Net (loss) income attributable to Company's common stockholders	$	(125,770)	$	36,861	$	(292,501)	$	121,716
Basic weighted average common shares outstanding	377,078		379,395		379,677		379,193
Basic (Loss) Earnings per Common Share	$	(0.33)	$	0.10	$	(0.77)	$	0.32

Diluted (Loss) Earnings per Common Share:
Net (loss) income attributable to Company	$	(115,277)	$	51,576	$	(261,023)	$	157,024
Less: Preferred Stock dividends	(10,493)		(11,272)		(31,478)		(31,865)
Less: Preferred Stock redemption charge	—		(3,443)		—		(3,443)
Net (loss) income attributable to Company's common stockholders	$	(125,770)	$	36,861	$	(292,501)	$	121,716
Weighted average common shares outstanding	377,078		379,395		379,677		379,193
Net effect of assumed PSUs vested	—		1,378		—		1,746
Net effect of assumed RSUs vested	—		210		—		166
Diluted weighted average common shares outstanding	377,078		380,983		379,677		381,105
Diluted (Loss) Earnings per Common Share	$	(0.33)	$	0.10	$	(0.77)	$	0.32