TWO Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Earnings Per Share

Earnings Per Share

12 Months Ended

Dec. 31, 2020

The following table presents a reconciliation of the (loss) earnings and shares used in calculating basic and diluted (loss) earnings per share for the years ended December 31, 2020, 2019 and 2018:


	Year Ended
	December 31,
(in thousands, except share data)		2020		2019		2018
Numerator:


Net (loss) income		$	(1,630,135)	$	323,962	(44,290)


Dividends on preferred stock		75,802		75,801		65,395
Net (loss) income attributable to common stockholders - basic		(1,705,937)		248,161		(109,685)
Interest expense attributable to convertible notes (1)		—		—		—
Net (loss) income attributable to common stockholders - diluted		$	(1,705,937)	$	248,161	(109,685)
Denominator:
Weighted average common shares outstanding		272,356,358		266,594,154		204,409,853
Weighted average restricted stock shares		1,244,589		1,232,585		1,610,649
Basic weighted average shares outstanding		273,600,947		267,826,739		206,020,502
Effect of dilutive shares issued in an assumed conversion		—		—		—
Diluted weighted average shares outstanding		273,600,947		267,826,739		206,020,502
(Loss) Earnings Per Share



Basic		$	(6.24)	$	0.93	$	(0.53)



Diluted		$	(6.24)	$	0.93	$	(0.53)

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(1)If applicable, includes a nondiscretionary adjustment for the assumed change in the management fee calculation.

For the years ended December 31, 2020, 2019 and 2018, excluded from the calculation of diluted earnings per share is the effect of adding back $19.2 million, $19.0 million and $18.9 million of interest expense, net of a nondiscretionary adjustment for the assumed change in the management fee calculation, and 18,171,150, 18,128,792 and 17,806,090 weighted average common share equivalents, respectively, related to the assumed conversion of the Company’s convertible senior notes, as their inclusion would be antidilutive.