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Earnings Per Share | 12 Months Ended
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Dec. 31, 2023
Earnings Per Share [Abstract] |
Earnings Per Share | (Loss) Earnings per Share The following table presents a reconciliation of the numerator and denominator of basic and diluted (loss) earnings per share:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (Dollars in thousands, except per share amounts)
Numerator for basic and diluted (loss) earnings per share: |  |  |  |  |
Net (loss) income | $ | (255,250) |  |  | $ | 382,962 |  |  | $ | 388,330 |
Denominator: |  |  |  |  |
Weighted average common shares outstanding for basic calculation | 257,042,843 |  |  | 258,781,843 |  |  | 266,251,097 |
Add: Effect of equity awards | — |  |  | 9,385 |  |  | 66,097 |
Weighted average common shares outstanding for diluted calculation | 257,042,843 |  |  | 258,791,228 |  |  | 266,317,194 |
Basic (loss) earnings per share | $ | (0.99) |  |  | $ | 1.48 |  |  | $ | 1.46 |
Diluted (loss) earnings per share | $ | (0.99) |  |  | $ | 1.48 |  |  | $ | 1.46 |
Basic (loss) earnings per share is calculated by dividing net (loss) income by the weighted average number of common shares outstanding, which included 290,449, 243,006 and 130,624 shares of participating securities in 2023, 2022 and 2021, 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 year ended December 31, 2023 excludes the dilutive effect of approximately 41,198 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 3,033,561, 2,240,655 and 1,499,128 equivalent shares in 2023, 2022 and 2021, respectively, as their effect would have been anti-dilutive. See Note 14, "Stockholders' Equity" for details of the Company's common stock repurchases in 2023, 2022 and 2021.

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