Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2023

NOTE 17. EARNINGS (LOSS) PER SHARE

The following table presents the computation of basic and diluted net earnings (loss) per share for the years indicated:


									Year Ended
									December 31,
	Year Ended December 31, 2023								2022		2021
	(In thousands, except per share amounts)
					Non-Voting
			Class B		Common
	Voting		Non-Voting		Stock				Total		Total
	Common		Common		Equivalents		Total		Common (2)		Common (2)
Basic (Loss) Earnings Per Share:
Net (loss) earnings available to common
and equivalent stockholders	$	(1,917,121)	$	(920)	$	(20,884)	$	(1,938,925)	$	404,274	$	606,959
Less: Earnings allocated to
unvested restricted stock (1)	—		—		—		—		(7,474)		(10,248)
Net (loss) earnings allocated to common
and equivalent shares	$	(1,917,121)	$	(920)	$	(20,884)	$	(1,938,925)	$	396,800	$	596,711

Weighted average basic shares
and unvested restricted stock
outstanding	85,603		40		920		86,563		78,875		78,400
Less: weighted average unvested
restricted stock outstanding	(1,169)		—		—		(1,169)		(1,604)		(1,481)
Weighted average basic shares
outstanding	84,434		40		920		85,394		77,271		76,919

Basic (loss) earnings per share	$	(22.71)	$	(22.71)	$	(22.71)	$	(22.71)	$	5.14	$	7.76

Diluted (Loss) Earnings Per Share:
Net (loss) earnings allocated to common
and equivalent shares	$	(1,917,121)	$	(920)	$	(20,884)	$	(1,938,925)	$	396,800	$	596,711
Weighted average diluted shares
outstanding	84,434		40		920		85,394		77,271		76,919
Diluted (loss) earnings per share	$	(22.71)	$	(22.71)	$	(22.71)	$	(22.71)	$	5.14	$	7.76

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(1) Represents cash dividends paid to holders of unvested restricted stock, net of forfeitures, plus undistributed earnings amounts available to holders of unvested restricted stock, if any.

(2) Share amounts for 2022 and 2021 have been restated by multiplying historical amounts by the Merger exchange ratio of 0.6569.

The following table presents the weighted average outstanding restricted shares and warrants that were not included in the computation of diluted (loss) earnings per share because their effect would be anti-dilutive for the years ended December 31, 2023, 2022, and 2021:


	Year Ended December 31,
	2023	2022	2021

Restricted stock awards and units (1)	1,169,407	1,604,412	1,481,061
Warrants	1,604,733	—	—

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(1) Share amounts for 2022 and 2021 have been restated by multiplying historical amounts by the Merger exchange ratio of 0.6569.