Earnings per Share

12 Months Ended

Dec. 31, 2024

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,
	2024		2023		2022
Net income (loss)	$	(240,394)	$	137,240	$	4,432
Preferred dividends and accretion	55,670		51,691		48,054
Net income (loss) to common shareholders	(296,064)		85,549		(43,622)

Basic:
Weighted average common shares outstanding	151,754		150,942		149,819
Earnings (loss) per share	$	(1.95)	$	0.57	$	(0.29)

Diluted:
Weighted average common shares outstanding	151,754		150,942		149,819
Effect of Restricted Stock and Performance Awards	—		1,080		—
Weighted average dilutive shares	151,754		152,022		149,819
Income (loss) per share	$	(1.95)	$	0.56	$	(0.29)

Since the Company was in a loss position for the year ended December 31, 2024 and 2022, 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 December 31, 2024, 2023 and 2022, 3,572,402, 2,362,982, and 2,165,217, 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 the years ended December 31, 2024, 2023 and 2022, as the average market price of the Company’s common stock has not exceeded the exercise price since their issuance.