| Schedule of Earnings Per Share, Basic and Diluted |
The following table presents a reconciliation of the (loss) earnings and shares used in calculating basic and diluted (loss) earnings per share for the nine months ended September 30, 2024 and 2023.
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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(in thousands, except share data) |
2024 |
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2023 |
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2024 |
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2023 |
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Basic (Loss) Earnings Per Share: |
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Net (loss) income |
$ |
(238,485) |
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$ |
306,192 |
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$ |
21,439 |
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$ |
326,829 |
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Dividends on preferred stock |
(11,784) |
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(12,115) |
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(35,352) |
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(36,595) |
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Gain on repurchase and retirement of preferred stock |
— |
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— |
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644 |
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2,454 |
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Dividends and undistributed earnings allocated to participating restricted stock units |
(303) |
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(1,895) |
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(940) |
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(1,936) |
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Net (loss) income attributable to common stockholders, basic |
$ |
(250,572) |
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$ |
292,182 |
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$ |
(14,209) |
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$ |
290,752 |
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Basic weighted average common shares |
103,635,455 |
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96,176,287 |
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103,531,431 |
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95,059,856 |
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Basic (loss) earnings per weighted average common share |
$ |
(2.42) |
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$ |
3.04 |
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$ |
(0.14) |
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$ |
3.06 |
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Diluted (Loss) Earnings Per Share: |
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Net (loss) income attributable to common stockholders, basic |
$ |
(250,572) |
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$ |
292,182 |
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$ |
(14,209) |
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$ |
290,752 |
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Reallocation impact of undistributed earnings to participating restricted stock units |
— |
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117 |
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— |
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5 |
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Interest expense attributable to convertible notes |
— |
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4,636 |
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— |
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14,164 |
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Net (loss) income attributable to common stockholders, diluted |
$ |
(250,572) |
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$ |
296,935 |
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$ |
(14,209) |
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$ |
304,921 |
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Basic weighted average common shares |
103,635,455 |
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96,176,287 |
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103,531,431 |
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95,059,856 |
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Effect of dilutive shares issued in an assumed vesting of performance share units |
— |
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241,752 |
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— |
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316,447 |
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Effect of dilutive shares issued in an assumed conversion |
— |
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9,210,091 |
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— |
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9,472,715 |
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Diluted weighted average common shares |
103,635,455 |
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105,628,130 |
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103,531,431 |
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104,849,018 |
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Diluted (loss) earnings per weighted average common share |
$ |
(2.42) |
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$ |
2.81 |
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$ |
(0.14) |
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$ |
2.91 |
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