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Net Income (Loss) per Common Share (Tables)
12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Computation of Basic and Diluted Net Income (Loss) Per Common Share

The following table sets forth the computation of basic and diluted net income (loss) per common share:

 

 

 

2022

 

 

2021

 

 

2020

 

 

 

( In Thousands, Except Per Share Amounts)

 

Numerator:

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

230,347

 

 

$

43,545

 

 

$

(61,911

)

Adjustments for basic and diluted net loss per common share:

 

 

 

 

 

 

 

 

 

Dividend requirements on Series E Redeemable Preferred

 

 

 

 

 

(29,914

)

 

 

(35,182

)

Deemed dividend on Series E and Series F
   Redeemable Preferred

 

 

 

 

 

(231,812

)

 

 

 

Dividend and dividend requirements on Series B Preferred

 

 

 

 

 

(239

)

 

 

(240

)

Dividend and dividend requirements on Series D Preferred

 

 

 

 

 

(59

)

 

 

(60

)

Accretion of Series E Redeemable Preferred

 

 

 

 

 

(1,523

)

 

 

(2,026

)

 

 

 

 

 

 

 

 

 

 

Numerator for basic and diluted net income (loss) per common share

 

$

230,347

 

 

$

(220,002

)

 

$

(99,419

)

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

Denominator for basic net income (loss) per common
   share - weighted- average shares (1)

 

 

84,753

 

 

 

49,963

 

 

 

36,664

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

Unvested restricted stock and stock units

 

 

1,272

 

 

 

 

 

 

 

Dilutive potential common shares

 

 

1,272

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator for diluted net income (loss) per common
   share - adjusted weighted-average shares (1)

 

 

86,025

 

 

 

49,963

 

 

 

36,664

 

 

 

 

 

 

 

 

 

 

 

Basic net income (loss) per common share

 

$

2.72

 

 

$

(4.40

)

 

$

(2.71

)

 

 

 

 

 

 

 

 

 

 

Diluted net income (loss) per common share

 

$

2.68

 

 

$

(4.40

)

 

$

(2.71

)

 

(1)
All periods exclude the weighted-average shares of unvested restricted stock that are contingently issuable.
Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Common Share

The following weighted-average shares of securities were not included in the computation of diluted net loss per common share as their effect would have been antidilutive:

 

 

2022

 

 

2021

 

 

2020

 

 

 

(In Thousands)

 

Restricted stock and stock units

 

 

80

 

 

 

1,531

 

 

 

1,588

 

Stock options

 

 

13

 

 

 

13

 

 

 

138

 

Series E redeemable preferred stock - embedded derivative

 

 

 

 

 

 

 

 

304

 

Convertible preferred stocks

 

 

 

 

 

 

 

 

1,192

 

 

 

 

93

 

 

 

1,544

 

 

 

3,222