Equity and Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2021

Equity and Earnings Per Common Share

Schedule of weighted average shares outstanding

	Year Ended December 31,
(in thousands)	2019		2020		2021
Basic weighted average number of shares outstanding		442,640		478,278		477,270
Add: Dilutive effect of RSUs		—		—		1,201
Add: Dilutive effect of PSUs		—		—		232
Add: Dilutive effect of Series A Preferred Stock		—		—		1,033
Diluted weighted average number of shares outstanding		442,640		478,278		479,736
Weighted average number of outstanding equity awards excluded from calculation of diluted earnings per common share (1):
RSUs		1,026		1,812		258
PSUs		—		148		—
Series A Preferred Shares		1,318		1,297		—

(1) The potential dilutive effects of these awards were excluded from the computation of earnings (loss) per common shares, assuming dilution because the inclusion of these awards would have been anti-dilutive.

Schedule of earnings per common share

	Year Ended December 31,
(in thousands, except per share amounts)	2019		2020		2021
Net income (loss)	$	(355,114)		(122,527)		331,617
Less preferred stock dividends		(442)		(550)		(550)
Net income (loss) available to common shareholders	$	(355,556)		(123,077)		331,067
Net income (loss) per share–basic	$	(0.80)		(0.26)		0.69
Net income (loss) per share–diluted	$	(0.80)		(0.26)		0.69
Weighted average common shares outstanding–basic		442,640		478,278		477,270
Weighted average common shares outstanding–diluted		442,640		478,278		479,736