Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Reconciliation of Basic and Diluted Earnings Per Share

The following tables set forth reconciliations of the basic and diluted earnings per share computations for the periods presented:

	Three Months Ended March 31,
	2021			2020
Basic Earnings/(Loss) per Share
Net income/(loss)	$	15,147		$	(8,638	)
Less: Income distributed to participating securities		(558	)		(555	)
Less: Undistributed income allocable to participating securities		(1,152	)		—
Net income/(loss) available to common stockholders – Basic EPS	$	13,437		$	(9,193	)
Weighted average common shares (in thousands)		145,649			152,519
Basic earnings/(loss) per share	$	0.09		$	(0.06	)

	Three Months Ended March 31,
	2021			2020
Diluted Earnings/(Loss) per Share
Net income/(loss) available to common stockholders	$	13,437		$	(9,193	)
Add back: Undistributed income allocable to participating securities		1,152			—
Less: Reallocation of undistributed income allocable to participating securities considered potentially dilutive		(1,152	)		(—	)
Net income/(loss) available to common stockholders – Diluted EPS	$	13,437		$	(9,193	)
Weighted Average Diluted Shares (in thousands):
Weighted average common shares		145,649			152,519
Dilutive effect of common stock equivalents, excluding participating securities		121			—
Weighted average diluted shares, excluding participating securities (in thousands)		145,770			152,519
Diluted earnings/(loss) per share	$	0.09		$	(0.06	)

Schedule of Weighted Average Number of Shares

The following table reconciles weighted average diluted shares as reported on the Company’s Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020, which are determined pursuant to the treasury stock method, to the weighted average diluted shares used to calculate diluted earnings/(loss) per share as disclosed in the table above:

	Three Months Ended March 31,
Reconciliation of Weighted Average Diluted Shares (in thousands)	2021			2020
Weighted average diluted shares as disclosed on the consolidated statements of operations		161,831			152,519	(1)
Less: Participating securities:
Weighted average shares of common stock issuable upon conversion of the Preferred Shares (Note 11)		(14,750	)		—
Potentially dilutive restricted stock awards		(1,311	)		—
Weighted average diluted shares used to calculate diluted earnings/(loss) per share as disclosed in the table above		145,770			152,519

(1) Excludes 15,025 participating securities and 16 potentially dilutive non-participating common stock equivalents for the three months ended March 31, 2020 as the Company reported a net loss for the period (shares herein are reported in thousands).