Earnings per Share

9 Months Ended

Sep. 30, 2023

arnings (Loss) per Share

Basic earnings (loss) 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 earnings (loss) 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 September 30,				Nine Months Ended September 30,
(In thousands, except per share values)	2023		2022		2023		2022
Net income (loss)	$	65,256	$	44,906	$	(17,827)	$	128,141
Preferred stock dividends	(10)		(10)		(30)		(30)
Net income (loss) attributable to common equity	65,246		44,896		(17,857)		128,111
Dividends and undistributed earnings allocated to participating securities	(8)		(8)		(16)		(21)
Net income (loss) attributable to common shareholders	65,238		44,888		(17,873)		128,090

Basic weighted-average shares outstanding	39,303		39,172		39,267		39,243
Stock-based compensation awards (a)	147		127		—		171
Diluted weighted-average shares outstanding	39,450		39,299		39,267		39,414
Antidilutive shares	—		—		154		—

Earnings (loss) per share:
Basic	$	1.66	$	1.15	$	(0.46)	$	3.26
Diluted	$	1.65	$	1.14	$	(0.46)	$	3.25
(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.