Earnings Per Share

12 Months Ended

Dec. 31, 2024

Our 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.

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

During the year ended December 31, 2024, approximately 1,412,563 PSUs were excluded from the computation of diluted earnings per share, as their effect would have been anti-dilutive. During the year ended December 31, 2023, approximately 1,053,189 PSUs were excluded from the computation of diluted net loss per share, as their effect would have been anti-dilutive. During the year ended December 31, 2022, approximately 604,000 PSUs were excluded from the computation of diluted net loss per share because the performance conditions had not been met.

The dilutive effect of the Exchangeable Notes, which were repaid on June 15, 2024 (see Note 11) and the Convertible 2027 Notes are 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 the number of weighted average shares. The dilutive effect of the Warrants (see Note 11) is calculated using the treasury-stock method. During the years ended December 31, 2024, 2023 and 2022, 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:


	Year Ended December 31,
(Thousands, except per share data)	2024		2023		2022
Basic earnings per share:
Numerator:
Net income (loss) attributable to shareholders	$	93,406	$	(81,713)	$	(8,275)
Less: Income allocated to participating securities	(2,080)		(1,207)		(1,135)
Dividends declared on convertible preferred stock	(20)		(20)		(20)
Net income (loss) attributable to common shares	$	91,306	$	(82,940)	$	(9,430)
Denominator:
Basic weighted-average common shares outstanding	237,306		236,401		235,567
Basic earnings (loss) per common share	$	0.38	$	(0.35)	$	(0.04)


	Year Ended December 31,
(Thousands, except per share data)	2024		2023		2022
Diluted earnings per share:
Numerator:
Net income (loss) attributable to shareholders	$	93,406	$	(81,713)	$	(8,275)
Less: Income allocated to participating securities	(2,080)		(1,207)		(1,135)
Dividends declared on convertible preferred stock	(20)		(20)		(20)
Impact on if-converted dilutive securities	—		—		—
Net income (loss) attributable to common shares	$	91,306	$	(82,940)	$	(9,430)
Denominator:
Basic weighted-average common shares outstanding	237,306		236,401		235,567
Impact on if-converted dilutive securities	—		—		—
Effect of dilutive non-participating securities	—		—		—
Weighted-average shares for dilutive earnings per common share	237,306		236,401		235,567
Dilutive earnings (loss) per common share	$	0.38	$	(0.35)	$	(0.04)

For the year ended December 31, 2024, 48,024,097 potential common shares related to the Convertible 2027 Notes and the Exchangeable Notes were excluded from the computation of earnings per share, as their effect would have been anti-dilutive. For the year ended December 31, 2023, 53,700,524 potential common shares related to the Convertible 2027 Notes and the Exchangeable Notes were excluded from the computation of earnings per share, as their effect would have been anti-dilutive.