(Loss) Earnings per Share

3 Months Ended

Mar. 31, 2023

During the three months ended March 31, 2023, we did not repurchase any shares of our common stock. In the three months ended March 31, 2022, we repurchased 3,035,830 shares of our common stock for $30.0 million under our common stock repurchase program. The settled shares were subsequently retired.

The following table presents a reconciliation of the numerator and denominator of basic and diluted (loss) earnings per share for the three months ended March 31, 2023 and 2022:


	Three Months Ended March 31,
		2023		2022
		(Dollars in thousands, except per share amounts)
Numerator for basic and diluted (loss) earnings per share:
Net (loss) income		$	(7,369)	$	124,183
Denominator:
Weighted average common shares outstanding for basic calculation		256,974,904		262,592,029
Add: Effect of equity awards		—		65,770
Weighted average common shares outstanding for diluted calculation		256,974,904		262,657,799
Basic (loss) earnings per share		$	(0.03)	$	0.47
Diluted (loss) earnings per share		$	(0.03)	$	0.47

Basic (loss) earnings per share is calculated by dividing net (loss) income by the weighted average number of common shares outstanding, which included 341,570 and 172,010 shares of participating securities in the three months ended March 31, 2023 and 2022, respectively. Diluted (loss) earnings per share is calculated by dividing net (loss) income by the sum of the weighted average number of common shares outstanding plus the additional common shares that would have been outstanding if potentially dilutive securities had been issued.

The weighted average common shares outstanding for the diluted (loss) earnings per share calculation for the three months ended March 31, 2023 excludes the dilutive effect of approximately 790 shares, primarily related to restricted stock units, as their inclusion would have been anti-dilutive due to the Company's net loss.

Additionally, the weighted average common shares outstanding for the diluted (loss) earnings per share calculation excludes consideration of 2,857,827 and 1,479,638 equivalent shares for the three months ended March 31, 2023 and 2022, respectively, as their effect would have been anti-dilutive.