Earnings per Share

12 Months Ended

Dec. 31, 2023

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


	Year Ended December 31,
	2023		2022		2021
Net income (loss)	$	137,240	$	4,432	$	(50,403)
Preferred dividends and accretion	51,691		48,054		15,715
Net income (loss) to common shareholders	85,549		(43,622)		(66,118)

Basic:
Weighted average common shares outstanding	150,942		149,819		129,984
Earnings (loss) per share	$	0.57	$	(0.29)	$	(0.51)

Diluted:
Weighted average common shares outstanding	150,942		149,819		129,984
Effect of Restricted Stock and Performance Awards	1,080		—		—
Weighted average dilutive shares	152,022		149,819		129,984
Income (loss) per share	$	0.56	$	(0.29)	$	(0.51)

Potentially dilutive common shares issuable pursuant to equity-based awards of 2,362,982 were not included as their effect was anti-dilutive for the year ended December 31, 2023. Potentially dilutive common shares issuable pursuant to equity-based awards of 2,165,217 and 1,078,096 were not included for the years ended December 31, 2022 and 2021, respectively, as their potential effect was anti-dilutive since the Company generated a net loss to common shareholders.

There were no potentially dilutive common shares issuable pursuant to the Convertible Notes for the years ended December 31, 2023, 2022 and 2021, as the average market price of the Company’s common stock has not exceeded the exercise price since their issuance.