Earnings Per Share

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net (loss) income	$	(141,354)	$	23,098	$	(113,491)	$	117,898
Less: preferred dividends and accretion	14,080		13,091		41,332		38,359
Net (loss) income to common shareholders	$	(155,434)	$	10,007	$	(154,823)	$	79,539
Basic:
Weighted average shares	151,923		151,068		151,691		150,865
(Loss) income per share	$	(1.02)	$	0.07	$	(1.02)	$	0.52
Diluted:
Effect of restricted stock and performance awards	—		1,255		—		1,219
Weighted average shares	151,923		152,323		151,691		152,083
Income per share	$	(1.02)	$	0.07	$	(1.02)	$	0.52

Since the Company was in a loss position for the three and nine months ended September 30, 2024, basic net loss per share to common shareholders is the same as diluted net loss per share to common stockholders, as the inclusion of all potential shares of common stock outstanding would have been anti-dilutive. At September 30, 2024 and 2023, 3,834,690 and 34,634 respectively, of common stock equivalents were excluded from the calculation of diluted net loss per share to common stockholders, as they had an antidilutive effect.

There were no potentially dilutive common shares issuable pursuant to the Convertible Notes for both the nine months ended September 30, 2024 and 2023, as the average market price of the Company’s common stock has not exceeded the exercise price since their issuance.