Earnings Per Common Share

12 Months Ended

Dec. 31, 2023

Basic earnings per common share is computed by dividing net income allocated to common shares by the weighted average number of common shares outstanding. Diluted income per common share, if applicable, considers the dilutive effect of common stock equivalents. The reconciliation of the numerator and denominator used for the computation of basic and diluted income per common share is as follows:


	Predecessor
	January 1, 2022 through July 24, 2022		December 31, 2021
Numerator for Basic and Diluted Earnings Per Common Share - Net income (loss) applicable to common shares	$	480,211	$	658,044
Denominator for Basic and Diluted Earnings Per Common Share:
Weighted average basic number of common shares outstanding	127,316		126,058
Employee stock options	1,578		737
Weighted average diluted number of common shares outstanding	128,894		126,795
Basic earnings (loss) per common share	$	3.77	$	5.22
Diluted earnings (loss) per common share	$	3.73	$	5.19
Incentive Plan securities excluded from dilution(1)	30		275

(1)Represents securities not included in the computation of diluted earnings per common share because their effect would have been anti-dilutive.

The Company calculates earnings per share using the “two-class” method, whereby unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents are “participating securities” and, therefore, these participating securities are treated as a separate class in computing earnings per share. The calculation of earnings per share presented here excludes the income attributable to unvested restricted stock units related to our Incentive Plan from the numerator and excludes the dilutive impact of those shares from the denominator. Awards subject to the achievement of performance conditions or market conditions for which such conditions had been met at the end of any of the periods presented are included in the computation of diluted earnings per common share if their effect was dilutive.

Earnings per common share is not presented for the Successor period as the Company’s common stock is no longer publicly traded either on a stock exchange or in the over-the-counter market.