Earnings (Loss) per Share

6 Months Ended

Jun. 30, 2024

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 June 30,				Six Months Ended June 30,
(In thousands, except per share values)	2024		2023		2024		2023
Net income (loss)	$	72,234	$	67,090	$	130,373	$	(83,083)
Preferred stock dividends	(10)		(10)		(20)		(20)
Net income (loss) attributable to common equity	72,224		67,080		130,353		(83,103)
Dividends and undistributed earnings allocated to participating securities	(6)		(8)		(13)		(8)
Net income (loss) attributable to common shareholders	72,218		67,072		130,340		(83,111)

Basic weighted-average shares outstanding	39,389		39,274		39,375		39,249
Stock-based compensation awards (a)	152		135		174		—
Diluted weighted-average shares outstanding	39,541		39,409		39,549		39,249
Antidilutive shares	—		—		—		158

Earnings (loss) per share:
Basic	$	1.83	$	1.71	$	3.31	$	(2.12)
Diluted	$	1.83	$	1.70	$	3.30	$	(2.12)
(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.