Earnings (Loss) Per Common Share

3 Months Ended

Mar. 31, 2025

19. 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 performance share units ("PSUs"), restricted stock units ("RSUs") and deferred stock units ("DSUs"), 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, 2025, certain of the PSUs, RSUs and DSUs 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 and DSUs vest according to the respective PSU, RSU and DSU 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, 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.

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):


	For the Three Months Ended March 31,
	2025		2024
Basic Earnings (Loss) per Common Share:
Net income (loss) attributable to Company	$	42,155	$	(57,901)
Less: Preferred Stock dividends	(11,870)		(10,439)

Net income (loss) attributable to Company's common stockholders	$	30,285	$	(68,340)
Basic weighted average common shares outstanding	90,583		91,117
Basic Earnings (Loss) per Common Share	$	0.33	$	(0.75)

Diluted Earnings (Loss) per Common Share:
Net income (loss) attributable to Company	$	42,155	$	(57,901)
Less: Preferred Stock dividends	(11,870)		(10,439)

Net income (loss) attributable to Company's common stockholders	$	30,285	$	(68,340)
Weighted average common shares outstanding	90,583		91,117
Net effect of assumed PSUs vested	415		—
Net effect of assumed RSUs and DSUs vested	93		—
Diluted weighted average common shares outstanding	91,091		91,117
Diluted Earnings (Loss) per Common Share	$	0.33	$	(0.75)