EPS Calculation

12 Months Ended

Dec. 31, 2020

The following table presents a reconciliation of the (loss)/earnings and shares used in calculating basic and diluted (loss)/EPS for the years ended December 31, 2020, 2019 and 2018:


	For the Year Ended December 31,
(In Thousands, Except Per Share Amounts)	2020		2019		2018
Basic (Loss)/Earnings per Share:
Net (loss)/income to common stockholders	$	(679,390)	$	378,117	$	301,801
Dividends declared on preferred stock	(29,796)		(15,000)		(15,000)
Dividends, dividend equivalents and undistributed earnings allocated to participating securities	(229)		(1,087)		(943)
Net (loss)/income to common stockholders - basic	$	(709,415)	$	362,030	$	285,858
Basic weighted average common shares outstanding	452,033		450,972		418,934
Basic (Loss)/Earnings per Share	$	(1.57)	$	0.80	$	0.68

Diluted (Loss)/Earnings per Share:
Net (loss)/income to common stockholders - basic	$	(709,415)	$	362,030	$	285,858
Interest expense on Convertible Senior Notes	—		8,965		—
Net (loss)/income to common stockholders - diluted	$	(709,415)	$	370,995	$	285,858
Basic weighted average common shares outstanding	452,033		450,972		418,934
Effect of assumed conversion of Convertible Senior Notes to common shares	—		16,797		—
Diluted weighted average common shares outstanding (1)	452,033		467,769		418,934
Diluted (Loss)/Earnings per Share	$	(1.57)	$	0.79	$	0.68

(1) At December 31, 2020, the Company had approximately 2.3 million equity instruments outstanding that were not included in the calculation of diluted EPS for the year ended December 31, 2020, as their inclusion would have been anti-dilutive. These equity instruments reflect RSUs (based on current estimate of expected share settlement amount) with a weighted average grant date fair value of $6.56 and may have a dilutive impact on future EPS.

During the year ended December 31, 2020, the Convertible Senior Notes were determined to be anti-dilutive and were not included in the calculation of diluted EPS under the “if-converted” method. Under this method, the periodic interest expense for dilutive notes is added back to the numerator and the weighted average number of shares that the notes are entitled to (if converted, regardless of whether the conversion option is in or out of the money) is included in the denominator for the purpose of calculating diluted EPS. The Convertible Senior Notes may have a dilutive impact on future EPS.