Annual report pursuant to Section 13 and 15(d)

Earnings Per Share (Tables)

v3.22.4
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following table presents a reconciliation of the earnings (loss) and shares used in calculating basic and diluted earnings (loss) per share for the years ended December 31, 2022, 2021 and 2020. All per share amounts, common shares outstanding and common equity-based awards for all periods presented have been adjusted on a retroactive basis to reflect the reverse stock split.
Year Ended
December 31,
(in thousands, except share data) 2022 2021 2020
Basic Earnings (Loss) Per Share:
Net income (loss)
 $ 220,239  $ 187,227  $ (1,630,135)
Dividends on preferred stock
 (53,607) (58,458) (75,802)
Gain on repurchase and retirement of preferred stock 20,149  —  — 
Dividends and undistributed earnings allocated to participating restricted stock units
 (1,203) (731) — 
Net income (loss) attributable to common stockholders, basic
 $ 185,578  $ 128,038  $ (1,705,937)
Basic weighted average common shares
 86,179,418  74,443,000  68,400,237 
Basic earnings (loss) per weighted average common share
 $ 2.15  $ 1.72  $ (24.94)
Diluted Earnings (Loss) Per Share:
Net income (loss) attributable to common stockholders, basic
 $ 185,578  $ 128,038  $ (1,705,937)
Reallocation impact of undistributed earnings to participating restricted stock units
 —  —  — 
Interest expense attributable to convertible notes (1)
19,382  —  — 
Net income (loss) attributable to common stockholders, diluted
 $ 204,960  $ 128,038  $ (1,705,937)
Basic weighted average shares
 86,179,418  74,443,000  68,400,237 
Effect of dilutive shares issued in an assumed vesting of performance share units
 157,591  67,884  — 
Effect of dilutive shares issued in an assumed conversion 9,739,166  —  — 
Diluted weighted average shares 96,076,175  74,510,884  68,400,237 
Diluted earnings (loss) per weighted average common share
 $ 2.13  $ 1.72  $ (24.94)
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(1)If applicable, includes a nondiscretionary adjustment for the assumed change in the management fee calculation.