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(Loss) Earnings per Share | 9 Months Ended
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Sep. 30, 2023
Earnings Per Share [Abstract] |
(Loss) Earnings per Share | (Loss) Earnings per Share During the nine months ended September 30, 2023, we did not repurchase any shares of our common stock. In the nine months ended September 30, 2022, we repurchased and subsequently retired 6,662,421 shares of our common stock for $60.0 million 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 nine months ended September 30, 2023 and 2022:
| Three Months Ended September 30, |  | Nine Months Ended September 30, |  |  |  |
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |  |  |
| (Dollars in thousands, except per share amounts) |  |  |  |
Numerator for basic and diluted (loss) earnings per share: |  |  |  |  |  |  |  |  |  |  |
Net (loss) income | $ | (22,621) |  |  | $ | 93,451 |  |  | $ | (37,841) |  |  | $ | 332,631 |  |  |  |  |
Denominator: |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding for basic calculation | 257,090,113 |  |  | 256,848,575 |  |  | 256,987,778 |  |  | 259,415,295 |  |  |  |  |
Add: Effect of equity awards | — |  |  | 4,879 |  |  | — |  |  | 9,590 |  |  |  |  |
Weighted average common shares outstanding for diluted calculation | 257,090,113 |  |  | 256,853,454 |  |  | 256,987,778 |  |  | 259,424,885 |  |  |  |  |
Basic (loss) earnings per share | $ | (0.09) |  |  | $ | 0.36 |  |  | $ | (0.15) |  |  | $ | 1.28 |  |  |  |  |
Diluted (loss) earnings per share | $ | (0.09) |  |  | $ | 0.36 |  |  | $ | (0.15) |  |  | $ | 1.28 |  |  |  |  |
Basic (loss) earnings per share is calculated by dividing net (loss) income by the weighted average number of common shares outstanding, which included 282,891 and 257,953 shares of participating securities in the three and nine months ended September 30, 2023, respectively, and 251,233 and 222,181 shares of participating securities in the three and nine months ended September 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 nine months ended September 30, 2023 excludes the dilutive effect of approximately 68,991 and 36,148 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 3,306,665 and 3,135,380 equivalent shares for the three and nine months ended September 30, 2023, respectively, and 2,436,019 and 2,227,682 equivalent shares for the three and nine months ended September 30, 2022, respectively, as their effect would have been anti-dilutive.

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