| Schedule of Earnings Per Share, Basic and Diluted |
The following table presents a reconciliation of the earnings (loss) and shares used in calculating basic and diluted earnings (loss) per share for the six months ended June 30, 2024 and 2023.
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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(in thousands, except share data) |
2024 |
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2023 |
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2024 |
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2023 |
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Basic Earnings (Loss) Per Share: |
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Net income |
$ |
56,336 |
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$ |
197,445 |
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$ |
259,924 |
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$ |
20,637 |
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Dividends on preferred stock |
(11,784) |
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(12,115) |
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(23,568) |
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(24,480) |
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Gain on repurchase and retirement of preferred stock |
— |
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2,454 |
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644 |
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2,454 |
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Dividends and undistributed earnings allocated to participating restricted stock units |
(330) |
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(1,233) |
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(1,704) |
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(668) |
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Net income (loss) attributable to common stockholders, basic |
$ |
44,222 |
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$ |
186,551 |
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$ |
235,296 |
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$ |
(2,057) |
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Basic weighted average common shares |
103,555,755 |
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96,387,877 |
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103,478,847 |
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94,492,389 |
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Basic earnings (loss) per weighted average common share |
$ |
0.43 |
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$ |
1.94 |
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$ |
2.27 |
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$ |
(0.02) |
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Diluted Earnings (Loss) Per Share: |
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Net income (loss) attributable to common stockholders, basic |
$ |
44,222 |
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$ |
186,551 |
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$ |
235,296 |
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$ |
(2,057) |
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Reallocation impact of undistributed earnings to participating restricted stock units |
— |
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120 |
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27 |
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— |
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Interest expense attributable to convertible notes |
— |
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4,692 |
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9,198 |
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— |
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Net income (loss) attributable to common stockholders, diluted |
$ |
44,222 |
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$ |
191,363 |
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$ |
244,521 |
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$ |
(2,057) |
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Basic weighted average common shares |
103,555,755 |
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96,387,877 |
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103,478,847 |
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94,492,389 |
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Effect of dilutive shares issued in an assumed vesting of performance share units |
355,057 |
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199,753 |
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428,728 |
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— |
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Effect of dilutive shares issued in an assumed conversion |
— |
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9,474,748 |
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9,229,054 |
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— |
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Diluted weighted average common shares |
103,910,812 |
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106,062,378 |
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113,136,629 |
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94,492,389 |
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Diluted earnings (loss) per weighted average common share |
$ |
0.43 |
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$ |
1.80 |
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$ |
2.16 |
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$ |
(0.02) |
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