EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share (EPS)

NOTE 11. EARNINGS PER SHARE (EPS)

The Company had dividend eligible Performance Units and Deferred Stock Units that were outstanding during the three months

ended March 31, 2022 and 2021. The basic and diluted per share computations include these unvested Performance Units and Deferred

Stock Units if there is income available to common stock, as they have dividend participation rights. The unvested Performance Units and

Deferred Stock Units have no contractual obligation to share in losses. Because there is no such obligation, the unvested Performance

Units and Deferred Stock Units are not included in the basic and diluted EPS computations when no income is available to common stock

even though they are considered participating securities.

The table below reconciles the numerator and denominator of EPS for the three months ended March 31, 2022 and 2021.

(in thousands, except per share information)

Three Months Ended March 31,

2022

2021

Basic and diluted EPS per common share:

Numerator for basic and diluted EPS per share of common stock:

Net loss - Basic and diluted

$

(148,727)

$

(29,369)

Weighted average shares of common stock:

Shares of common stock outstanding at the balance sheet date

177,117

94,411

Effect of weighting 

(119)

(9,066)

Weighted average shares-basic and diluted

176,998

85,345

Net loss per common share:

Basic and diluted

$

(0.84)

$

(0.34)

Anti-dilutive incentive shares not included in calculation

454

242