Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2022

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 (dollars in thousands, except share and per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net (loss) income	$	(5,434)	$	32,391	$	18,347	$	64,347
Preferred stock dividends(1)	(3,148)		(6,799)		(6,296)		(12,923)
Participating securities' share in (loss) earnings	(226)		(148)		(423)		(294)
Series B preferred stock redemption make-whole payment(2)	—		(22,485)		—		(22,485)
Series B Preferred Stock accretion, including allocated Warrant fair value and transaction costs(3)	—		(23,997)		—		(25,449)
Net (loss) income attributable to common stockholders	$	(8,808)	$	(21,038)	$	11,628	$	3,196
Weighted average common shares outstanding, basic	77,188,291		76,899,270		77,186,136		76,897,453
Incremental shares of common stock issued from the assumed exercise of the Warrants	—		—		4,049,470		4,433,898
Weighted average common shares outstanding, diluted	77,188,291		76,899,270		81,235,606		81,331,351
(Loss) earnings per common share, basic(4)	$	(0.11)	$	(0.27)	$	0.15	$	0.04
(Loss) earnings per common share, diluted(4)	$	(0.11)	$	(0.27)	$	0.14	$	0.04

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(1)Includes preferred stock dividends declared and paid for Series A preferred stock, Series C Preferred Stock, and Series B Preferred Stock shares outstanding for the three and six months ended June 30, 2022 and 2021 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. Refer to Note 12 to these consolidated financial statements for details.

(3)Series B Preferred Stock Accretion, including Allocated Warrant Fair Value and Transaction Costs includes amounts recorded as deemed dividends of amortized transaction costs and the write-off of unamortized transactions costs and the unaccreted portion of the allocated Warrant fair value related to the Company’s Series B Preferred Stock. For the three and six 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 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, 2022 and 2021.