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Earnings (Loss) Per Common Share and Stockholders' Equity | 3 Months Ended
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Mar. 31, 2024
Earnings Per Share [Abstract] |
Earnings (Loss) Per Common Share and Stockholders' Equity | Earnings (Loss) Per Common Share and Stockholders' Equity Earnings (Loss) Per Common Share The following table sets forth the computation of earnings (loss) per common share and earnings (loss) per common share - assuming dilution:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2024 |  | 2023
|  |  |  |  | (Dollars in thousands, except per share data)
Numerator: |  |  |  |  |  |  |
Net income (loss) available to common stockholders - numerator for earnings (loss) per common share |  |  |  |  | $ | 332,079 |  |  | $ | (166,913) |
Denominator: |  |  |  |  |  |  |
Weighted average common shares outstanding |  |  |  |  | 79,056,171 |  |  | 83,416,966 |
Effect of dilutive securities: |  |  |  |  |  |  |
Stock options and deferred compensation agreements |  |  |  |  | 320,788 |  |  | 597,119 |
Restricted stock and restricted stock units |  |  |  |  | 999,345 |  |  | 737,283 |
Antidilutive impact due to net loss |  |  |  |  | — |  |  | (1,334,402) |
Denominator for earnings (loss) per common share - assuming dilution |  |  |  |  | 80,376,304 |  |  | 83,416,966 |
Earnings (loss) per common share |  |  |  |  | $ | 4.20 |  |  | $ | (2.00) |
Earnings (loss) per common share - assuming dilution |  |  |  |  | $ | 4.13 |  |  | $ | (2.00) |
There were no options to purchase shares of our common stock outstanding excluded from the computation of diluted earnings (loss) per common share during the three months ended March 31, 2024 and 2023, as the exercise price of all options outstanding was less than the average market price of our common shares for those periods. Stockholders' Equity On June 10, 2020, we issued 12,000 shares of 6.625% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series B ("Series B") with a $1.00 par value per share and a liquidation preference of $25,000 per share, for aggregate net proceeds of $290.3 million. On November 21, 2019 we issued 16,000 shares of 5.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A ("Series A") with a $1.00 par value per share and a liquidation preference of $25,000 per share, for aggregate net proceeds of $388.9 million. Dividends on the Series A and Series B preferred stock are payable on a non-cumulative basis only when, as and if declared, quarterly in arrears on the first day of March, June, September and December of each year, commencing on March 1, 2020 for Series A and on December 1, 2020 for Series B. For the three months ended March 31, 2024 and 2023, we paid dividends totaling $5.9 million and $5.9 million for Series A preferred stock and $5.0 million and $5.0 million for Series B preferred stock, respectively. The Series A and Series B preferred stock rank senior to our common stock with respect to dividends, to the extent declared, and in liquidation, to the extent of the liquidation preference. The Series A and Series B preferred stock are not subject to any mandatory redemption, sinking fund, retirement fund, purchase fund or similar provisions. Brookfield Asset Management Equity Investment On October 18, 2020, we announced an agreement with Brookfield Asset Management, Inc. and its affiliated entities (collectively, "Brookfield") under which Brookfield would acquire up to a 19.9% ownership interest of common stock in the Company. The equity investment by Brookfield took place in two stages: an initial purchase of a 9.9% equity interest at $37.00 per share which closed on November 30, 2020 with Brookfield purchasing 9,106,042 shares, and a second purchase of an additional 6,775,000 shares which were issued to Brookfield at $37.33 per share in January of 2022, resulting in total ownership of approximately 16%. Brookfield also received the right to nominate one candidate for the Company’s Board of Directors following the initial equity investment. Share Repurchase Program As part of a share repurchase program, the Company's Board of Directors approved the repurchase of Company common stock of $500 million on November 19, 2021, and an additional $400 million on November 11, 2022. The share repurchase program has offset dilution from the issuance of shares to Brookfield, and its purpose was to institute a regular cash return program for shareholders. On March 17, 2023 we entered into an accelerated share repurchase (ASR) agreement with JPMorgan Chase Bank, National Association to repurchase an aggregate of $200 million of our common stock. Under the ASR agreement, we received an initial share delivery of approximately 4.8 million shares representing approximately 80% of the number of shares initially underlying the ASR. The average price paid for the initial share delivery under the ASR was $33.12 per common share. The ASR agreement was determined to be an equity contract. The ASR was terminated on July 13, 2023, and a payment of $14 million was made to settle for the final volume-weighted average price associated with the initial share delivery. From the 2020 inception of the share repurchase program through March 31, 2024, we have repurchased approximately 31.2 million shares of our common stock at an average price of $35.21 per common share. As of March 31, 2024, we had $276 million remaining under our share repurchase program. Treasury Stock As of March 31, 2024, we held 30,614,343 shares of treasury stock with a carrying value of $1.0 billion. As of December 31, 2023, we held 30,765,023 shares of treasury stock with a carrying value of $1.0 billion.

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