Earnings per Share

3 Months Ended

Mar. 31, 2023

arnings per Share

Basic (loss) earnings per share is computed by dividing net income, after the deduction of preferred stock dividends and undistributed earnings allocated to participating securities, by the weighted average number of common shares outstanding during the period. Diluted (loss) earnings per share assumes the issuance of common stock for all potentially dilutive share equivalents outstanding not classified as participating securities. Participating securities are defined as unvested stock-based compensation awards that contain nonforfeitable rights to dividends.


	Three Months Ended March 31,
(In thousands, except per share values)		2023		2022
Net (loss) income		$	(150,173)	$	35,542
Preferred stock dividends		(10)		(10)
Net (loss) income available to common equity		(150,183)		35,532
Dividends and undistributed earnings allocated to participating securities		—		(4)
Net (loss) income available to common shareholders		(150,183)		35,528

Basic weighted-average shares outstanding		39,224		39,291
Stock-based compensation awards (a)		—		232
Diluted weighted-average shares outstanding		39,224		39,523
Antidilutive shares		180		—

(Loss) earnings per share:
Basic		$	(3.83)	$	0.90
Diluted		$	(3.83)	$	0.90
(a) During periods in which the Company incurs a net loss, stock-based compensation awards are excluded from the computation of diluted earnings per share because their effect would be anti-dilutive. As such, during periods in which the Company incurs a net loss, diluted weighted average shares outstanding are equivalent to basic weighted average shares outstanding.