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Capital Stock
 6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
Capital Stock Capital Stock
Preferred Stock

The Company declared dividends to Series A preferred stockholders of $3 million and $6 million, or $0.50 and $1.00 per preferred share, during the quarter and six months ended June 30, 2023, respectively. The Company declared dividends to Series A preferred stockholders of $3 million and $6 million, or $0.50 and $1.00 per preferred share, during the quarter and six months ended June 30, 2022, respectively.

The Company declared dividends to Series B preferred stockholders of $7 million and $13 million, or $0.50 and $1.00 per preferred share, during the quarter and six months ended June 30, 2023, respectively. The Company declared dividends to Series B preferred stockholders of $7 million and $13 million, or $0.50 and $1.00 per preferred share, during the quarter and six months ended June 30, 2022, respectively.

The Company declared dividends to Series C preferred stockholders of $5 million and $10 million, or $0.484375 and $0.968750 per preferred share, during the quarter and six months ended June 30, 2023, respectively. The Company declared dividends to Series C preferred stockholders of $5 million and $10 million, or $0.484375 and $0.968750 per preferred share, during the quarter and six months ended June 30, 2022, respectively.

The Company declared dividends to Series D preferred stockholders of $4 million and $8 million, or $0.50 and $1.00 per preferred share, during the quarter and six months ended June 30, 2023, respectively. The Company declared dividends to Series D preferred stockholders of $4 million and $8 million, or $0.50 and $1.00 per preferred share, during the quarter and six months ended June 30, 2022, respectively.

On October 30, 2021, all 5,800,000 issued and outstanding shares of Series A Preferred Stock with an outstanding liquidation preference of $145 million became callable at a redemption price equal to the liquidation preference plus accrued and unpaid dividends through, but not including the redemption date. The Company's fixed-to-floating rate series B, C and D preferred stock are LIBOR based and will become floating on their respective call dates.

Common Stock

In June 2023, the Company's Board of Directors increased the authorization of the Company's share repurchase program, or the Repurchase Program, by $73 million to $250 million. 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 repurchased 5.8 million shares of its common stock at an average price of $5.66 for a total of $33 million during the quarter and six months ended June 30, 2023. The Company repurchased approximately 5.4 million shares of its common stock at an average price of $9.10 for a total of $49 million during the quarter and six months ended June 30, 2022.
The approximate dollar value of shares that may yet be purchased under the Repurchase Program is $217 million as of June 30, 2023.

In February 2022, the Company entered into separate Distribution Agency Agreements (the “Existing Sales Agreements”) with each of Credit Suisse Securities (USA) LLC, JMP Securities LLC, Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and RBC Capital Markets, LLC (the “Existing Sales Agents”). In February 2023, the Company amended the Existing Sales Agreements and entered into separate Distribution Agency Agreements (together with the Existing Sales Agreements, as amended, the “Sales Agreements”) with J.P. Morgan Securities LLC and UBS Securities LLC to include J.P. Morgan Securities LLC and UBS Securities LLC as additional sales agents (together with the Existing Sales Agents, the “Sales Agents”). Pursuant to the terms of the Sales Agreements, the Company may offer and sell shares of our common stock, having an aggregate offering price of up to $500 million, from time to time in “at the market” offerings through any of the Sales Agents under the Securities Act of 1933. The Company did not issue any shares under the at-the-market sales program during the quarter and six months ended June 30, 2023, and year ended December 31, 2022.

During the quarter and six months ended June 30, 2023, the Company declared dividends to common shareholders of $42 million and $96 million or $0.18 and $0.41 per share, respectively. During the quarter and six months ended June 30, 2022, the Company declared dividends to common shareholders of $78 million and $156 million, or $0.33 and $0.66 per share, respectively.


Earnings per Share (EPS)

EPS for the quarters and six months ended June 30, 2023 and 2022 are computed as follows:

 For the Quarters Ended
 June 30, 2023June 30, 2022
 (dollars in thousands)
Numerator:
Net income (loss) available to common shareholders - Basic$17,586 $(179,765)
Effect of dilutive securities:— — 
Net income (loss) available to common shareholders - Diluted$17,586 $(179,765)
Denominator:
Weighted average basic shares231,628,141 235,310,440 
Effect of dilutive securities2,239,360 — 
Weighted average dilutive shares233,867,501 235,310,440 
Net income (loss) per average share attributable to common stockholders - Basic$0.08 $(0.76)
Net income (loss) per average share attributable to common stockholders - Diluted$0.08 $(0.76)
 For the Six Months Ended
 June 30, 2023June 30, 2022
 (dollars in thousands)
Numerator:
Net income (loss) available to common shareholders - Basic$56,515 $(460,966)
Effect of dilutive securities:— — 
Net income (loss) available to common shareholders - Diluted$56,515 $(460,966)
Denominator:
Weighted average basic shares231,810,368 236,156,868 
Effect of dilutive securities2,880,391 — 
Weighted average dilutive shares234,690,759 236,156,868 
Net income (loss) per average share attributable to common stockholders - Basic$0.24 $(1.95)
Net income (loss) per average share attributable to common stockholders - Diluted$0.24 $(1.95)

For the quarter and six months ended June 30, 2022 potentially dilutive shares of 2.3 million were excluded from the computation of fully diluted EPS because their effect would have been anti-dilutive. Anti-dilutive shares for the quarter and six months ended June 30, 2022 were comprised of restricted stock units and performance stock units.