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(Loss) Earnings per Share | 6 Months Ended
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Jun. 30, 2023
Earnings Per Share [Abstract] |
(Loss) Earnings per Share | (Loss) Earnings per Share During the six months ended June 30, 2023, we did not repurchase any shares of our common stock. In the three months and six months ended June 30, 2022, we repurchased and subsequently retired 3,626,591 shares and 6,662,421 shares, respectively, of our common stock for $30.0 million and $60.0 million, respectively, under our common stock repurchase program. The following table presents a reconciliation of the numerator and denominator of basic and diluted (loss) earnings per share for the three and six months ended June 30, 2023 and 2022:
| Three Months Ended June 30, |  | Six Months Ended June 30, |  |  |  |
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |  |  |
| (Dollars in thousands, except per share amounts) |  |  |  |
Numerator for basic and diluted (loss) earnings per share: |  |  |  |  |  |  |  |  |  |  |
Net (loss) income | $ | (7,851) |  |  | $ | 114,997 |  |  | $ | (15,220) |  |  | $ | 239,180 |  |  |  |  |
Denominator: |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding for basic calculation | 257,003,691 |  |  | 258,845,588 |  |  | 256,935,763 |  |  | 260,719,446 |  |  |  |  |
Add: Effect of equity awards | — |  |  | — |  |  | — |  |  | 14,827 |  |  |  |  |
Weighted average common shares outstanding for diluted calculation | 257,003,691 |  |  | 258,845,588 |  |  | 256,935,763 |  |  | 260,734,273 |  |  |  |  |
Basic (loss) earnings per share | $ | (0.03) |  |  | $ | 0.44 |  |  | $ | (0.06) |  |  | $ | 0.92 |  |  |  |  |
Diluted (loss) earnings per share | $ | (0.03) |  |  | $ | 0.44 |  |  | $ | (0.06) |  |  | $ | 0.92 |  |  |  |  |
Basic (loss) earnings per share is calculated by dividing net (loss) income by the weighted average number of common shares outstanding, which included 256,682 and 245,277 shares of participating securities in the three and six months ended June 30, 2023, respectively, and 219,622 and 206,934 shares of participating securities in the three and six months ended June 30, 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 and six months ended June 30, 2023 excludes the dilutive effect of approximately 15,461 and 11,211 shares, respectively, 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 3,905,182 and 3,423,368 equivalent shares for the three and six months ended June 30, 2023, respectively, and 2,385,187 and 1,903,300 equivalent shares for the three and six months ended June 30, 2022, respectively, as their effect would have been anti-dilutive.

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