| 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 three months ended March 31, 2024 and 2023.
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Three Months Ended |
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March 31, |
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(in thousands, except share data) |
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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 (loss) |
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$ |
203,588 |
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$ |
(176,808) |
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Dividends on preferred stock |
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(11,784) |
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(12,365) |
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Gain on repurchase and retirement of preferred stock |
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644 |
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— |
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Dividends and undistributed earnings allocated to participating restricted stock units |
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(1,441) |
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(382) |
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Net income (loss) attributable to common stockholders, basic |
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$ |
191,007 |
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$ |
(189,555) |
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Basic weighted average common shares |
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103,401,940 |
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92,575,840 |
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Basic earnings (loss) per weighted average common share |
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$ |
1.85 |
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$ |
(2.05) |
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Diluted Earnings (Loss) Per Share: |
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Net income (loss) attributable to common stockholders, basic |
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$ |
191,007 |
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$ |
(189,555) |
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Reallocation impact of undistributed earnings to participating restricted stock units |
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61 |
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— |
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Interest expense attributable to convertible notes |
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4,619 |
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— |
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Net income (loss) attributable to common stockholders, diluted |
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$ |
195,687 |
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$ |
(189,555) |
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Basic weighted average common shares |
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103,401,940 |
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92,575,840 |
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Effect of dilutive shares issued in an assumed vesting of performance share units |
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361,286 |
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— |
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Effect of dilutive shares issued in an assumed conversion |
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9,210,091 |
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— |
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Diluted weighted average common shares |
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112,973,317 |
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92,575,840 |
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Diluted earnings (loss) per weighted average common share |
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$ |
1.73 |
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$ |
(2.05) |
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