EPS Calculation (Tables)

9 Months Ended

Sep. 30, 2021

Schedule of reconciliation of the earnings and shares used in calculating basic and diluted EPS

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 and nine months ended September 30, 2021 and 2020:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In Thousands, Except Per Share Amounts)	2021		2020		2021		2020
Basic Earnings/(Loss) per Share:
Net income/(loss) to common stockholders	$	132,511	$	87,210	$	284,747	$	(725,207)
Dividends declared on preferred stock	(8,218)		(8,219)		(24,656)		(21,578)
Dividends, dividend equivalents and undistributed earnings allocated to participating securities	(435)		(325)		(915)		(91)
Net income/(loss) to common stockholders - basic	$	123,858	$	78,666	$	259,176	$	(746,876)
Basic weighted average common shares outstanding	440,889		453,323		444,481		453,170
Basic Earnings/(Loss) per Share	$	0.28	$	0.17	$	0.58	$	(1.65)

Diluted Earnings/(Loss) per Share:
Net income/(loss) to common stockholders - basic	$	123,858	$	78,666	$	259,176	$	(746,876)
Interest expense on Convertible Senior Notes	3,920		3,898		11,743		—
Dividends, dividend equivalents and undistributed earnings allocated to participating securities	435		—		915		—
Net income/(loss) to common stockholders - diluted	$	128,213	$	82,564	$	271,834	$	(746,876)
Basic weighted average common shares outstanding	440,889		453,323		444,481		453,170
Effect of assumed conversion of Convertible Senior Notes to common shares	28,920		28,920		28,920		—
Unvested and vested restricted stock units	3,377		—		1,623		—
Effect of Warrants	—		11,297		—		—
Diluted weighted average common shares outstanding (1)	473,186		493,540		475,024		453,170
Diluted Earnings/(Loss) per Share	$	0.27	$	0.17	$	0.57	$	(1.65)

(1)At September 30, 2021, the Company had approximately 7.0 million equity instruments outstanding that were included in the calculation of diluted EPS for the three and nine months ended September 30, 2021. These equity instruments reflect RSUs (based on current estimate of expected share settlement amount) with a weighted average grant date fair value of $4.21. These equity instruments may continue to have a dilutive impact on future EPS.