Earnings Per Share

9 Months Ended

Sep. 30, 2023


13. Earnings Per Share

Basic earnings (loss) per share (EPS) is computed by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding. Diluted EPS is computed after adjusting the numerator and denominator of the basic EPS computation for the effects of all potentially dilutive common shares. The dilutive effect of options and non-vested stock issued under stock-based compensation plans is computed using the treasury stock method. The dilutive effect of the warrants is computed using the if-converted method.

Information related to the Company’s EPS calculations is summarized as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
thousands except per share amounts	2023		2022		2023		2022
Net income (loss)
Net income (loss)	$	(544,135)	$	107,669	$	(585,903)	$	131,272
Net (income) loss attributable to noncontrolling interests	(46)		427		(166)		510
Net income (loss) attributable to common stockholders	$	(544,181)	$	108,096	$	(586,069)	$	131,782

Shares
Weighted-average common shares outstanding - basic	49,616		49,445		49,551		50,880
Restricted stock and stock options	—		26		—		32

Weighted-average common shares outstanding - diluted	49,616		49,471		49,551		50,912

Net income (loss) per common share
Basic income (loss) per share	$	(10.97)	$	2.19	$	(11.83)	$	2.59
Diluted income (loss) per share	$	(10.97)	$	2.19	$	(11.83)	$	2.59

Anti-dilutive shares excluded from diluted EPS
Restricted stock and stock options	747		677		747		645
Warrants	88		2,103		88		2,103

Common Stock Repurchases In October 2021, the Company’s board of directors (Board) authorized a share repurchase program, pursuant to which the Company was authorized to purchase up to $250.0 million of its common stock through open-market transactions. During the fourth quarter of 2021, the Company repurchased 1,023,284 shares of its common stock, par value $0.01 per share, for $96.6 million, or approximately $94.42 per share. During the first quarter of 2022, the Company repurchased an additional 1,579,646 shares of its common stock, for $153.4 million, or approximately $97.10 per share, thereby completing all authorized purchases under the October 2021 program.

In March 2022, the Board authorized an additional share repurchase program pursuant to which the Company may, from time to time, purchase up to $250.0 million of its common stock through open-market transactions. The date and time of such repurchases will depend upon market conditions and the program may be suspended or discontinued at any time. During 2022, the Company repurchased 2,704,228 shares of its common stock under this program for approximately $235.0 million at an average price of $86.90 per share. All purchases were funded with cash on hand.