Earnings (Loss) Per Common Share

3 Months Ended

Mar. 31, 2023

18. Earnings (Loss) Per Common Share

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.

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 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 months ended March 31, 2023, certain of the 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 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, 2023, 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. During the three months ended March 31, 2022, 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,
	2023		2022
Basic Earnings (Loss) per Common Share:
Net income (loss) attributable to Company	$	20,863	$	(73,850)
Less: Preferred Stock dividends	(10,484)		(10,493)
Plus: Gain on repurchase of preferred stock	142		—
Net income (loss) attributable to Company's common stockholders	$	10,521	$	(84,343)
Basic weighted average common shares outstanding	91,314		95,199
Basic Earnings (Loss) per Common Share	$	0.12	$	(0.89)

Diluted Earnings (Loss) per Common Share:
Net income (loss) attributable to Company	$	20,863	$	(73,850)
Less: Preferred Stock dividends	(10,484)		(10,493)
Plus: Gain on repurchase of preferred stock	142		—
Net income (loss) attributable to Company's common stockholders	$	10,521	$	(84,343)
Weighted average common shares outstanding	91,314		95,199
Net effect of assumed PSUs vested	358		—
Net effect of assumed RSUs vested	—		—
Diluted weighted average common shares outstanding	91,672		95,199
Diluted Earnings (Loss) per Common Share	$	0.11	$	(0.89)