Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v3.19.3
Earnings Per Share
 9 Months Ended
Sep. 30, 2019
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted earnings per share for the three and nine months ended September 30, 2019 and 2018:
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
(in thousands, except share data)
2019
 
2018
 
2019
 
2018
Numerator:
 
 
 
 
 
 
 
Net income
$
305,700

 
$
35,946

 
$
189,208

 
$
510,245

Dividends on preferred stock
18,951

 
18,951

 
56,851

 
46,445

Net income attributable to common stockholders - basic
286,749

 
16,995

 
132,357

 
463,800

Interest expense attributable to convertible notes (1)
4,779

 
—

 
—

 
14,151

Net income attributable to common stockholders - diluted
$
291,528

 
$
16,995

 
$
132,357

 
$
477,951

Denominator:
 
 
 
 
 
 
 
Weighted average common shares outstanding
271,689,878

 
222,805,735

 
264,871,455

 
190,229,850

Weighted average restricted stock shares
1,207,697

 
1,593,701

 
1,243,317

 
1,616,362

Basic weighted average shares outstanding
272,897,575

 
224,399,436

 
266,114,772

 
191,846,212

Effect of dilutive shares issued in an assumed conversion
18,156,143

 
—

 
—

 
17,760,934

Diluted weighted average shares outstanding
291,053,718

 
224,399,436

 
266,114,772

 
209,607,146

Earnings Per Share
 
 
 
 
 
 
 
Basic
$
1.05

 
$
0.08

 
$
0.50

 
$
2.42

Diluted
$
1.00

 
$
0.08

 
$
0.50

 
$
2.28


___________________
(1)
Includes a nondiscretionary adjustment for the assumed change in the management fee calculation.

For the nine months ended September 30, 2019, excluded from the calculation of diluted earnings per share is the effect of adding back $14.2 million of interest expense, net of a nondiscretionary adjustment for the assumed change in the management fee calculation, and 18,116,911 weighted average common share equivalents related to the assumed conversion of the Company’s convertible senior notes, as their inclusion would be antidilutive.
For the three months ended September 30, 2018, excluded from the calculation of diluted earnings per share is the effect of adding back $4.8 million of interest expense, net of a nondiscretionary adjustment for the assumed change in the management fee calculation, and 17,847,425 weighted average common share equivalents related to the assumed conversion of the Company’s convertible senior notes, as their inclusion would be antidilutive.