Earnings Per Share

12 Months Ended

Dec. 31, 2023

Note 9 – Earnings Per Share

Basic net income or loss per common share is calculated by dividing net income or loss available to common stockholders by the basic weighted-average number of common shares outstanding for the respective period. Diluted net income or loss per common share is calculated by dividing net income or loss available to common stockholders by the diluted weighted-average number of common shares outstanding, which includes the effect of potentially dilutive securities.

For the years ended December 31, 2023, 2022, and 2021, potentially dilutive securities for this calculation consisted primarily of non-vested RSUs, contingent PSUs, and Warrants, all of which were measured using the treasury stock method. The Warrants became exercisable at the election of the holders on January 15, 2021, and all of the Warrants were exercised prior to their expiration date of June 30, 2023. The Warrants were included as potentially dilutive securities on an adjusted weighted-average basis for the portions of the years ended December 31, 2023, 2022, and 2021, during which they were outstanding but not yet exercised. Please refer to Note 3 – Equity for additional detail regarding the terms of the Warrants.

PSUs represent the right to receive, upon settlement of the PSUs after the completion of the three-year performance period, a number of shares of the Company’s common stock that may range from zero to two times the number of PSUs granted on the award date. The number of potentially dilutive shares related to PSUs is based on the number of shares, if any, which would be issuable at the end of the respective reporting period, assuming that date was the end of the contingency period applicable to such PSUs. For additional discussion on PSUs, please refer to Note 10 – Compensation Plans under the heading Performance Share Units.

The following table sets forth the calculations of basic and diluted net income per common share:


	For the Years Ended December 31,
	2023		2022		2021

	(in thousands, except per share data)
Net income	$	817,880	$	1,111,952	$	36,229

Basic weighted-average common shares outstanding	118,678		122,351		119,043
Dilutive effect of non-vested RSUs, contingent PSUs, and other	553		1,714		2,582
Dilutive effect of Warrants	9		19		2,065
Diluted weighted-average common shares outstanding	119,240		124,084		123,690

Basic net income per common share	$	6.89	$	9.09	$	0.30
Diluted net income per common share	$	6.86	$	8.96	$	0.29