Earnings Per Share

3 Months Ended

Mar. 31, 2022

19. Earnings Per Share

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


	Three Months Ended March 31,
Basic (Loss)/Earnings per Share	2022			2021



Net (loss)/income	$	(10,261	)	$	15,147
Less: Income distributed to participating securities		(549	)		(558	)
Less: Undistributed income allocable to participating securities		—			(1,152	)

Net (loss)/income available to common stockholders – Basic EPS	$	(10,810	)	$	13,437
Weighted average common shares (in thousands)		142,782			145,649

Basic (loss)/earnings per share	$	(0.08	)	$	0.09


	Three Months Ended March 31,
Diluted (Loss)/Earnings per Share	2022			2021

Net (loss)/income available to common stockholders	$	(10,810	)	$	13,437
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 (loss)/income available to common stockholders – Diluted EPS	$	(10,810	)	$	13,437

Weighted Average Diluted Shares (in thousands):
Weighted average common shares		142,782			145,649
Dilutive effect of common stock equivalents, excluding participating securities		—			121

Weighted average diluted shares, excluding participating securities (in thousands)		142,782			145,770

Diluted (loss)/earnings per share	$	(0.08	)	$	0.09

Diluted (loss)/earnings per share presented above is calculated using the

two-class

method as this method results in the lowest diluted earnings per share amount for common stock. During the three months ended March 31, 2022, there were no dilutive common stock equivalents as the Company reported a net loss for the period. Total antidilutive

non-participating

common stock equivalents were 509 and 149 during the three months ended March 31, 2022 and 2021, respectively (shares herein are reported in thousands).

Potential common shares associated with the conversion option embedded in the Convertible Notes were excluded from the computation for the three months ended March 31, 2022 and 2021 as the Company’s average stock price during those respective periods was lower than the conversion price.

The following table reconciles weighted average diluted shares as reported in the Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021, 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)	2022			2021

Weighted average diluted shares as disclosed in the Consolidated Statements of Operations		142,782	(1)		161,831
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 (loss)/earnings per share as disclosed in the table above		142,782			145,770

(1)

Excludes 15,521 participating securities and 31 potentially dilutive

non-participating

common stock equivalents for the three months ended March 31, 2022 as the Company reported a net loss for the period (shares herein are reported in thousands).