Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2021

Schedule of Calculation of Basic and Diluted Earnings per Common Share

The following table sets forth the calculation of basic and diluted earnings per common share based on the weighted-average number of shares of common stock outstanding for the three and six months ended June 30, 2021 and 2020 (in thousands, except share and per share data):

	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Net Income (Loss)	$	32,391		$	42,928		$	64,347		$	(189,862	)
Preferred Stock Dividends ⁽¹⁾		(6,799	)		(2,255	)		(12,923	)		(2,258	)
Participating Securities' Share in Earnings (Loss)		(148	)		(125	)		(294	)		(393	)
Series B Preferred Stock Redemption Make-Whole Payment⁽²⁾		(22,485	)		—			(22,485	)		—
Series B Preferred Stock Accretion and Write-off of Discount⁽³⁾		(23,997	)		(443	)		(25,449	)		(443	)
Net (Loss) Income Attributable to Common Stockholders	$	(21,038	)	$	40,105		$	3,196		$	(192,956	)
Weighted Average Common Shares Outstanding, Basic		76,899,270			76,644,038			76,897,453			76,554,680
Incremental shares of common stock issued from the assumed exercise of the Warrants		—			—			4,433,898			—
Weighted Average Common Shares Outstanding, Diluted		76,899,270			76,644,038		$	81,331,351		$	76,554,680
(Loss) Earnings Per Common Share, Basic⁽⁴⁾	$	(0.27	)	$	0.52		$	0.04		$	(2.53	)
(Loss) Earnings Per Common Share, Diluted⁽⁴⁾	$	(0.27	)	$	0.52		$	0.04		$	(2.53	)

(1)

Includes preferred stock dividends declared and paid for Series A preferred stock and Series B Preferred Stock shares outstanding for the three and six months ended June 30, 2021 and 2020, and undeclared dividends for Series C Preferred Stock shares outstanding of $0.6 million for the three and six months ended June 30, 2021.

(2)

Represents the make-whole payment to the holder of the Series B Preferred Stock for an amount equal to the present value of all remaining dividend payments due on such share of Series B Preferred Stock from and after the redemption date (and not including any declared or paid dividends or accrued dividends prior to such redemption date) through the second anniversary of the original issue date, computed in accordance with the terms of the Articles Supplementary. See Note 13 to these consolidated financial statements for details.

(3)

Series B Preferred Stock Accretion and Write-off of Discount, including Allocated Warrant Fair Value and Transaction Costs includes amounts recorded as deemed dividends and the write-off of unamortized transaction costs and the unaccreted portion of the allocated Warrant fair value related to the Company’s Series B Preferred Stock. For the three months ended June 30, 2021, the write-off of unamortized transaction costs and unaccreted allocated Warrant fair value was $22.5 million.

(4)

Basic and diluted (loss) earnings per common share are computed independently based on the weighted-average shares of common stock outstanding. Diluted (loss) earnings per common share also includes the impact of participating securities outstanding plus any incremental shares that would be outstanding assuming the exercise of the Warrants. Accordingly, the sum of the quarterly (loss) earnings per common share amounts may not agree to the total for the six months ended June 30, 2021.