Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2023

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,
	2023		2022		2023		2022
Net income	$	(69,173)	$	(5,434)	$	(61,798)	$	18,347
Preferred stock dividends(1)	(3,148)		(3,148)		(6,296)		(6,296)
Participating securities' share in (loss) earnings	(403)		(226)		(807)		(423)


Net income attributable to common stockholders	$	(72,724)	$	(8,808)	$	(68,901)	$	11,628
Weighted average common shares outstanding, basic	77,417,566		77,188,291		77,414,006		77,186,136
Incremental shares of common stock issued from the assumed exercise of the Warrants	—		—		—		4,049,470
Weighted average common shares outstanding, diluted	77,417,566		77,188,291		77,414,006		81,235,606
Earnings per common share, basic(2)	$	(0.94)	$	(0.11)	$	(0.89)	$	0.15
Earnings per common share, diluted(2)	$	(0.94)	$	(0.11)	$	(0.89)	$	0.14

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(1)Includes preferred stock dividends declared and paid for Series A preferred stock and Series C Preferred Stock shares outstanding for the three and six months ended June 30, 2023 and 2022.

(2)Basic and diluted 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. The sum of the quarterly (loss) earnings per common share amounts may not agree to the total for the six months ended June 30, 2023 and 2022.