Net Income (Loss) Per Share

3 Months Ended

Mar. 31, 2022

NET INCOME (LOSS) PER COMMON SHARE

Basic and diluted net income (loss) per common share are calculated using the two-class method. Net income (loss) applicable to common shares is divided by the weighted-average number of common shares outstanding during the period. Adjustments to the weighted average number of common shares outstanding are made only when such adjustments will dilute net income per common share. Net income (loss) applicable to common shares is then divided by the weighted-average number of common shares and common share equivalents during the period.

The following table presents the calculation of basic and diluted net income (loss) per common share:


	Three Months Ended March 31,
(dollars and shares in thousands, except per share data)	2022		2021
Net income (loss)	$	(27,586)	$	86,818
Preferred dividends	(2,017)		—

Net income (loss) applicable to common shares	$	(29,603)	$	86,818

Weighted average common shares outstanding:
Weighted average common shares outstanding (basic)	227,002		164,997
Effect of dilutive securities:
Restricted stock	—		687
Stock appreciation rights	—		23
Weighted average diluted shares outstanding	227,002		165,707
Basic Net Income (Loss) Per Common Share	$	(0.13)	$	0.53
Diluted Net Income (Loss) Per Common Share	$	(0.13)	$	0.52