EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Share

Reconciliations of the components of basic and diluted net income (loss) per common share are presented in the tables below (in thousands):

	Successor				Predecessor
	Three Months Ended June 30, 2022		Period from May 18, 2021 through June 30, 2021		Period from April 1, 2021 through May 17, 2021
Net income (loss)	$	256,580	$	(209,586)	$	242,214
Dividends on preferred stock	(1,380)		(1,031)		—
Participating securities - preferred stock(1)	(39,590)		—		—
Net income (loss) attributable to common stockholders	$	215,610	$	(210,617)	$	242,214
Re-allocation of participating securities	310		—		—
Diluted net income (loss) attributable to common stockholders	$	215,920	$	(210,617)	$	242,214
Basic Shares	20,684		20,321		160,887
Dilutive Shares	20,877		20,321		160,887
Basic EPS	$	10.42	$	(10.36)	$	1.51
Dilutive EPS	$	10.34	$	(10.36)	$	1.51

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(1)    Preferred stock represents participating securities because it participates in any dividends on shares of common stock on a pari passu, pro rata basis. However, preferred stock does not participate in undistributed net losses.

	Successor				Predecessor
	Six Months Ended June 30, 2022		Period from May 18, 2021 through June 30, 2021		Period from January 1, 2021 through May 17, 2021
Net (loss) income	$	(235,395)	$	(209,586)	$	250,994
Dividends on preferred stock	(2,828)		(1,031)		—
Net (loss) income attributable to common stockholders	$	(238,223)	$	(210,617)	$	250,994
Basic Shares	20,961		20,321		160,834
Basic and Dilutive EPS	$	(11.36)	$	(10.36)	$	1.56