Loss Per Common Share

9 Months Ended

Sep. 30, 2023

18. Loss Per Common Share

The Company calculates basic loss per common share by dividing net loss attributable to the Company's common stockholders for the period by weighted-average shares of common stock outstanding for that period. Diluted 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 nine months ended September 30, 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 and nine months ended September 30, 2023 and 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 under the treasury stock method.

The following table presents the computation of basic and diluted loss 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,
	2023		2022		2023		2022
Basic Loss per Common Share:
Net loss attributable to Company	$	(84,509)	$	(115,277)	$	(90,573)	$	(261,023)
Less: Preferred Stock dividends	(10,435)		(10,493)		(31,394)		(31,478)
Plus: Gain on repurchase of Preferred Stock	125		—		467		—
Net loss attributable to Company's common stockholders	$	(94,819)	$	(125,770)	$	(121,500)	$	(292,501)
Basic weighted average common shares outstanding	90,984		94,269		91,163		94,919
Basic Loss per Common Share	$	(1.04)	$	(1.33)	$	(1.33)	$	(3.08)

Diluted Loss per Common Share:
Net loss attributable to Company	$	(84,509)	$	(115,277)	$	(90,573)	$	(261,023)
Less: Preferred Stock dividends	(10,435)		(10,493)		(31,394)		(31,478)
Plus: Gain on repurchase of Preferred Stock	125		—		467		—
Net loss attributable to Company's common stockholders	$	(94,819)	$	(125,770)	$	(121,500)	$	(292,501)
Weighted average common shares outstanding	90,984		94,269		91,163		94,919


Diluted weighted average common shares outstanding	90,984		94,269		91,163		94,919
Diluted Loss per Common Share	$	(1.04)	$	(1.33)	$	(1.33)	$	(3.08)