Earnings Per Share

3 Months Ended

Mar. 31, 2024

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


	Three Months Ended March 31,
		2024		2023
Net income		$	2,165	$	29,635
Less: preferred dividends and accretion		13,502		12,484
Net (loss) income to common shareholders		$	(11,337)	$	17,151
Basic:
Weighted average shares		151,351		150,607
(Loss) income per share		$	(0.07)	$	0.11
Diluted:
Effect of restricted stock and performance awards		—		1,188
Weighted average shares		151,351		151,795
(Loss) income per share		$	(0.07)	$	0.11

Potentially dilutive common shares issuable pursuant to equity-based awards of 2,736,244 were not included for the three months ended March 31, 2024, as the Company generated a net loss to common shareholders. Common shares issuable pursuant to equity-based awards of 55,333 were excluded from the Company’s diluted EPS calculation for the three months ended March 31, 2023, as their to their potential impact was anti-dilutive.

There were no potentially dilutive common shares issuable pursuant to the Convertible Notes for both the three months ended March 31, 2024 and 2023, as the average market price of the Company’s common stock has not exceeded the exercise price since their issuance.