Earnings Per Share

9 Months Ended

Sep. 30, 2023

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net income	$	23,214	$	40,644	$	114,154	$	9,683
Less: preferred dividends and accretion	13,091		12,257		38,359		36,045
Net income (loss) to common shareholders	$	10,123	$	28,387	$	75,795	$	(26,362)
Basic:
Weighted average shares	151,068		150,322		150,865		149,604
Income (loss) per share	$	0.07	$	0.19	$	0.50	$	(0.18)
Diluted:
Effect of restricted stock and performance awards	1,255		1,060		1,219		—
Weighted average shares	152,323		151,382		152,083		149,604
Income (loss) per share	$	0.07	$	0.19	$	0.50	$	(0.18)

Potentially dilutive common shares issuable pursuant to equity-based awards of 108,111 were not included for the nine months ended September 30, 2022, as their potential effect was anti-dilutive given the Company generated a net loss to common shareholders.

There were no potentially dilutive common shares issuable pursuant to the Convertible Notes for both the nine months ended September 30, 2023 and 2022, as the average market price of the Company’s common stock has not exceeded the exercise price since their issuance.