(Loss) Earnings Per Common Share

3 Months Ended

Mar. 31, 2024

18. (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 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, 2024 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. 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 earnings per common share.

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,
	2024		2023
Basic (Loss) Earnings per Common Share:
Net (loss) income attributable to Company	$	(57,901)	$	20,863
Less: Preferred Stock dividends	(10,439)		(10,484)
Plus: Gain on repurchase of Preferred Stock	—		142
Net (loss) income attributable to Company's common stockholders	$	(68,340)	$	10,521
Basic weighted average common shares outstanding	91,117		91,314
Basic (Loss) Earnings per Common Share	$	(0.75)	$	0.12

Diluted (Loss) Earnings per Common Share:
Net (loss) income attributable to Company	$	(57,901)	$	20,863
Less: Preferred Stock dividends	(10,439)		(10,484)
Plus: Gain on repurchase of Preferred Stock	—		142
Net (loss) income attributable to Company's common stockholders	$	(68,340)	$	10,521
Weighted average common shares outstanding	91,117		91,314
Net effect of assumed PSUs vested	—		358

Diluted weighted average common shares outstanding	91,117		91,672
Diluted (Loss) Earnings per Common Share	$	(0.75)	$	0.11