Earnings Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

20. Earnings Per Share

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

	Three Months Ended September 30,						Nine Months Ended September 30,
Basic Earnings per Share	2024			2023			2024			2023
Net (loss)/income	$	(4,485	)	$	12,984		$	39,385		$	83,469
Less:  Loss on repurchase of Series A Preferred Stock		(11,375	)		—			(11,375	)		—
Less:  Income distributed to participating securities		(2,331	)		(889	)		(3,255	)		(1,884	)
Less:  Undistributed income allocable to participating securities		—			(1,309	)		(1,096	)		(9,619	)
Net (loss)/income available to common stockholders—Basic EPS	$	(18,191	)	$	10,786		$	23,659		$	71,966
Weighted average common shares (in thousands)		143,929			145,284			145,756			144,505
Basic (loss)/earnings per share	$	(0.13	)	$	0.07		$	0.16		$	0.50

	Three Months Ended September 30,						Nine Months Ended September 30,
Diluted Earnings per Share	2024			2023			2024			2023
Net (loss)/income available to common stockholders	$	(18,191	)	$	10,786		$	23,659		$	71,966
Add back:  Undistributed income allocable to participating securities		—			1,309			1,096			9,619
Less:  Reallocation of undistributed income allocable to participating securities considered potentially dilutive		—			(1,286	)		(900	)		(9,446	)
Net (loss)/income available to common stockholders—Diluted EPS	$	(18,191	)	$	10,809		$	23,855		$	72,139
Weighted Average Diluted Shares (in thousands):
Weighted average common shares		143,929			145,284			145,756			144,505
Dilutive effect of common stock equivalents, excluding participating securities		—			3,148			4,324			3,067
Weighted average diluted shares, excluding participating securities (in thousands)		143,929			148,432			150,080			147,572
Diluted (loss)/earnings per share	$	(0.13	)	$	0.07		$	0.16		$	0.49

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. There were no antidilutive non-participating common stock equivalents for the three months ended September 30, 2024 and 2023 and the nine months ended September 30, 2024. Total antidilutive non-participating common stock equivalents were 2 for the nine months ended September 30, 2023 (shares herein are reported in thousands).

There were no potential common shares associated with the conversion options embedded in the Convertible Notes included in weighted average diluted shares for the three months ended September 30, 2024 as the Company reported a net loss. There were also no potential common shares during the nine months ended September 30, 2024 and the three and nine months ended September, 30, 2023 as the Company’s average stock price was lower than the conversion price.

The following table reconciles weighted average diluted shares as reported on the Company’s Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023, which are determined pursuant to the treasury stock method, to the weighted average diluted shares used to calculate diluted (loss)/earnings per share as disclosed in the table above:

	Three Months Ended September 30,						Nine Months Ended September 30,
Reconciliation of Weighted Average Diluted Shares (in thousands)	2024			2023			2024			2023
Weighted average diluted shares as disclosed on the Consolidated Statements of Operations		143,929	(1)		177,140			162,691			169,997
Less:  Participating securities
Weighted average shares of common stock issuable upon conversion of the Series A Preferred Stock (Note 11)		—			(14,750	)		(12,112	)		(14,750	)
Weighted average shares of common stock issuable upon conversion of the Series C Preferred Stock (Note 9)		—			(13,087	)		—			(6,903	)
Potentially dilutive restricted stock awards		—			(871	)		(499	)		(772	)
Weighted average diluted shares used to calculate diluted earnings per share as disclosed in the table above		143,929			148,432			150,080			147,572

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⁽¹⁾  Excludes 7,540 participating securities and 5,276 potentially dilutive non-participating common stock equivalents for the three months ended September 30, 2024, as the Company reported a net loss for the period (shares herein are reported in thousands).