Earnings Per Share

6 Months Ended

Jun. 30, 2024

Our time-based restricted stock awards are considered participating securities as they receive non-forfeitable rights to dividends at the same rate as common stock. As participating securities, we included these instruments in the computation of earnings per share under the two-class method described in FASB ASC 260, Earnings per Share (“ASC 260”).

We also have outstanding performance-based restricted stock units that contain forfeitable rights to receive dividends. Therefore, the awards are considered non-participating restrictive shares and are not dilutive under the two-class method until performance conditions are met.

The dilutive effect of the Exchangeable Notes, which were repaid on June 15, 2024 (s ee Note 9), and the Convertible 2027 Notes is calculated by using the “if-converted” method. This assumes an add-back of interest, net of income taxes, to net income attributable to shareholders as if the securities were converted at the beginning of the reporting period (or at time of issuance, if later) and the resulting common shares included in number of weighted average shares. The dilutive effect of the Warrants (see Note 7) is calculated using the treasury-stock method. During the three and six months ended June 30, 2024 and 2023, the Warrants were excluded from diluted shares outstanding because the exercise price exceeded the average market price of our common stock for the reporting period.

The following sets forth the computation of basic and diluted earnings per share under the two-class method:


	Three Months Ended June 30,				Six Months Ended June 30,
(Thousands, except per share data)	2024		2023		2024		2023
Basic earnings per share:
Numerator:
Net income (loss) attributable to shareholders	$	18,278	$	25,626	$	59,607	$	6,424
Less: Income allocated to participating securities	(723)		(322)		(1,159)		(569)
Dividends declared on convertible preferred stock	(5)		(5)		(10)		(10)
Net income (loss) attributable to common shares	$	17,550	$	25,299	$	58,438	$	5,845
Denominator:
Basic weighted-average common shares outstanding	237,347		236,429		237,121		236,260
Basic income (loss) earnings per common share	$	0.07	$	0.11	$	0.25	$	0.02


	Three Months Ended June 30,				Six Months Ended June 30,
(Thousands, except per share data)	2024		2023		2024		2023
Diluted earnings per share:
Numerator:
Net income (loss) attributable to shareholders	$	18,278	$	25,626	$	59,607	$	6,424
Less: Income allocated to participating securities	(723)		(322)		(1,159)		(569)
Dividends declared on convertible preferred stock	(5)		(5)		(10)		(10)
Impact on if-converted dilutive securities	—		—		—		—
Net income (loss) attributable to common shares	$	17,550	$	25,299	$	58,438	$	5,845
Denominator:
Basic weighted-average common shares outstanding	237,347		236,429		237,121		236,260
Effect of dilutive non-participating securities	—		—		—		—
Impact on if-converted dilutive securities	—		—		—		—
Weighted-average shares for dilutive earnings per common share	237,347		236,429		237,121		236,260
Dilutive earnings (loss) per common share	$	0.07	$	0.11	$	0.25	$	0.02

For the three and six months ended June 30, 2024, 1,412,563 non-participating securities were excluded from the computation of earnings per share, as their performance conditions have not been met. For the three and six months ended June 30, 2024, we excluded 52,910,874 and 54,070,019 potential common shares related to the Exchangeable Notes and the Convertible Notes, respectively, from the computation of earnings per share, as their effect would have been anti-dilutive. For the three and six months ended June 30, 2023, 1,053,189 non-participating securities were excluded from the computation of earnings per share, as their performance conditions have not been met. For the three and six months ended June 30, 2023, we excluded 53,455,231 and 54,082,264 potential common shares related to the Exchangeable Notes and the Convertible Notes, respectively, from the computation of earnings per share, as their effect would have been anti-dilutive.