Earnings (Loss) per Share

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
(In thousands, except per share values)	2024		2023		2024		2023
Net income (loss)	$	66,648	$	65,256	$	197,021	$	(17,827)
Preferred stock dividends	(10)		(10)		(30)		(30)
Net income (loss) attributable to common equity	66,638		65,246		196,991		(17,857)
Dividends and undistributed earnings allocated to participating securities	(6)		(8)		(19)		(16)
Net income (loss) attributable to common shareholders	66,632		65,238		196,972		(17,873)

Basic weighted-average shares outstanding	39,362		39,303		39,370		39,267
Stock-based compensation awards(a)	133		147		160		—
Diluted weighted-average shares outstanding	39,495		39,450		39,530		39,267
Antidilutive shares	—		—		—		154

Earnings (loss) per share:
Basic	$	1.69	$	1.66	$	5.00	$	(0.46)
Diluted	$	1.69	$	1.65	$	4.98	$	(0.46)
(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.