Earnings (Loss) per Share

12 Months Ended

Dec. 31, 2021

Earnings (Loss) per Share The following table sets forth the computation of basic and diluted earnings (loss) per share (in thousands, except per share amounts):


	Year Ended December 31,
	2021		2020		2019
Net income (loss)	$	(50,403)	$	59,073	39,745
Preferred dividends and accretion	(15,715)		—		—
Net income (loss) to common shareholders	(66,118)		59,073		39,745
Basic:
Weighted-average shares	129,984		121,467		119,994
Earnings (loss) per share	$	(0.51)	$	0.49	$	0.33
Diluted:
Weighted-average shares	129,984		121,467		119,994
Equity compensation dilutive securities	—		47		—
Weighted average dilutive shares	129,984		121,514		119,994
Earnings (loss) per share	$	(0.51)	$	0.49	$	0.33

Potentially dilutive common shares issuable pursuant to equity-based awards of 227,253 were not included for the year ended December 31, 2021 as their potential effect was anti-dilutive as the Company generated a net loss. There were no potentially dilutive common shares issuable pursuant to our 1% Senior Notes as the stock price is below the strike price and the Company generated a net loss.

The Company’s capped call option agreement entered into in December 2021 is not included in the calculation of the earnings per share as the impact would be anti-dilutive. The potential shares issuable under the Company’s convertible 1% notes issued in December 2021 are not included in the earnings per share calculation as the par value of the notes is required to be paid in cash upon conversion and the stock price has not exceeded the conversion price on the notes at December 31, 2021.

There were 26,671,594 Class B units and 1,000 Class C units of Former Parent issued to certain employees or directors of the Company which were not included in the calculation of basic or diluted EPS for the years ended December 31, 2020 and 2019, as the Class B and Class C units do not represent potential units of the Company.