EARNINGS PER SHARE

6 Months Ended

Jun. 30, 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 six and three

months ended June 30, 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 six and three months ended June 30, 2022 and 2021.

(in thousands, except per share information)

Six Months Ended June 30,

Three Months Ended June 30,

2022

2021

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

$

(208,866)

$

(46,234)

$

(60,139)

$

(16,865)

Weighted average shares of common stock:

Shares of common stock outstanding at the balance sheet date

176,251

117,500

176,251

117,500

Effect of weighting 

765

(25,044)

783

(18,011)

Weighted average shares-basic and diluted

177,016

92,456

177,034

99,489

Net loss per common share:

Basic and diluted

$

(1.18)

$

(0.50)

$

(0.34)

$

(0.17)

Anti-dilutive incentive shares not included in calculation

466

251

466

251