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Capital Stock
 9 Months Ended
Sep. 30, 2021
Equity [Abstract]  
Capital Stock Capital Stock
Preferred Stock

The Company declared dividends to Series A preferred stockholders of $3 million and $9 million, or $0.50 and $1.50 per preferred share, during the quarter and nine months ended September 30, 2021, respectively. The Company declared dividends to Series A preferred stockholders of $3 million and $9 million, or $0.50 and $1.50 per preferred share, during the quarter and nine months ended September 30, 2020, respectively.

The Company declared dividends to Series B preferred stockholders of $7 million and $20 million, or $0.50 and $1.50 per preferred share, during the quarter and nine months ended September 30, 2021, respectively. The Company declared dividends to Series B preferred stockholders of $7 million and $20 million, or $0.50 and $1.50 per preferred share, during the quarter and nine months ended September 30, 2020, respectively.

The Company declared dividends to Series C preferred stockholders of $5 million and $15 million, or $0.484375 and $1.453125 per preferred share, during the quarter and nine months ended September 30, 2021, respectively. The Company declared dividends to Series C preferred stockholders of $5 million and $15 million, or $0.484375 and $1.453125 per preferred share, during the quarter and nine months ended September 30, 2020, respectively.

The Company declared dividends to Series D preferred stockholders of $4 million and $12 million, or $0.50 and $1.50 per preferred share, during the quarter and nine months ended September 30, 2021, respectively. The Company declared dividends to Series D preferred stockholders of $4 million and $12 million, or $0.50 and $1.50 per preferred share, during the quarter and nine months ended September 30, 2020, respectively.

Common Stock

In February 2021, our Board of Directors increased the authorization of the Company's share repurchase program to $250 million, or the Repurchase Program. Such authorization does not have an expiration date, and at present, there is no intention to modify or otherwise rescind such authorization. Shares of the Company's common stock may be purchased in the open market, including through block purchases, through privately negotiated transactions, or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, or the Exchange Act. The timing, manner, price and amount of any repurchases will be determined at the Company's discretion and the program may be suspended, terminated or modified at any time, for any reason. Among other factors, the Company intends to only consider repurchasing shares of its common stock when the purchase price is less than the last publicly reported book value per common share. In addition, the Company does not intend to repurchase any shares from directors, officers or other affiliates. The program does not obligate the Company to acquire any specific number of shares, and all repurchases will be made in accordance with Rule 10b-18, which sets certain restrictions on the method, timing, price and volume of stock repurchases.

The Company did not repurchase any of its common stock during the quarter ended September 30, 2021. The Company repurchased approximately 161 thousand shares of its common stock at an average price of $11.39 per share for a total of $2 million during the nine months ended September 30, 2021. The Company did not repurchase any of its common stock during the quarter ended September 30, 2020. The Company repurchased approximately 1.4 million shares of its common stock at an average price of $15.34 per share for a total of $22 million during the nine months ended September 30, 2020. The approximate dollar value of shares that may yet be purchased under the Repurchase Program is $226 million as of September 30, 2021.

During the quarter and nine months ended September 30, 2021, the Company declared dividends to common shareholders of $79 million and $228 million, or $0.33 and $0.96 per share, respectively. During the quarter and nine months ended September 30, 2020, the Company declared dividends to common shareholders of $68 million and $232 million, or $0.30 and $1.10 per share, respectively.

Warrants
During the nine months ended September 30, 2021, the Company settled the $400 million financed under the senior secured, non-mark-to market credit agreement in full and the Warrant Shares became exercisable. The Company then settled the exercise of 20 million Warrant Shares in cash at a price of 90% of fair market value of the Company's common stock for $221 million.

Earnings per Share (EPS)

EPS for the quarters and nine months ended September 30, 2021 and 2020 respectively, are computed as follows:
 For the Quarters Ended
 September 30, 2021September 30, 2020
 (dollars in thousands)
Numerator:  
Net income (loss) available to common shareholders - Basic$313,030 $348,891 
Effect of dilutive securities:
Interest expense attributable to convertible notes238 1,495 
Net income (loss) available to common shareholders - Diluted$313,268 $350,386 
Denominator:  
Weighted average basic shares235,887,296 232,127,224 
Effect of dilutive securities4,475,306 33,219,135 
Weighted average dilutive shares240,362,602 265,346,359 
Net income (loss) per average share attributable to common stockholders - Basic$1.33 $1.50 
Net income (loss) per average share attributable to common stockholders - Diluted$1.30 $1.32 

 For the Nine Months ended
 September 30, 2021September 30, 2020
 (dollars in thousands)
Numerator:  
Net income (loss) available to common shareholders - Basic$597,067 $(113,694)
Effect of dilutive securities:
Interest expense attributable to convertible notes2,274 — 
Net income (loss) available to common shareholders - Diluted$599,341 $(113,694)
Denominator:  
Weighted average basic shares232,717,010 206,237,705 
Effect of dilutive securities14,641,813 — 
Weighted average dilutive shares247,358,823 206,237,705 
Net income (loss) per average share attributable to common stockholders - Basic$2.57 $(0.55)
Net income (loss) per average share attributable to common stockholders - Diluted$2.42 $(0.55)

There were no potentially dilutive shares excluded from the computation of fully diluted EPS because their effect would have been anti-dilutive for the quarter-ended September 30, 2021. For the quarter ended September 30, 2020 potentially dilutive shares of 906 thousand were excluded from the computation of fully diluted EPS because their effect would have been anti-
dilutive. Anti-dilutive shares for the quarter-ended September 30, 2020 were comprised of restricted stock units and performance stock units.
For the nine months ended September 30, 2021 and 2020, potentially dilutive shares of 154 thousand and 26 million, respectively, were excluded from the computation of fully diluted EPS because their effect would have been anti-dilutive. Anti-dilutive shares for the nine months ended September 30, 2021 were comprised of restricted stock units. Anti-dilutive shares for the nine months ended September 30, 2020 were comprised of restricted stock units and performance stock units, warrants and shares from the assumed conversion of convertible debt.