EPS Calculation (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Reconciliation of the Earnings and Shares Used in Calculating Basic and Diluted EPS

The following table presents a reconciliation of the (loss)/earnings and shares used in calculating basic and diluted (loss)/earnings per share for the years ended December 31, 2022, 2021 and 2020:


	For the Year Ended December 31,
(In Thousands, Except Per Share Amounts)	2022		2021		2020
Basic (Loss)/Earnings per Share:
Net (loss)/income to common stockholders	$	(231,581)	$	328,870	$	(679,390)
Dividends declared on preferred stock	(32,875)		(32,875)		(29,796)
Dividends, dividend equivalents and undistributed earnings allocated to participating securities	(627)		(1,044)		(229)
Net (loss)/income to common stockholders - basic	$	(265,083)	$	294,951	$	(709,415)
Basic weighted average common shares outstanding	103,153		110,704		113,008
Basic (Loss)/Earnings per Share	$	(2.57)	$	2.66	$	(6.28)

Diluted (Loss)/Earnings per Share:
Net (loss)/income to common stockholders - basic	$	(265,083)	$	294,951	$	(709,415)
Dividends, dividend equivalents and undistributed earnings allocated to participating securities	—		1,044		—
Interest expense on Convertible Senior Notes	—		15,668		—
Net (loss)/income to common stockholders - diluted	$	(265,083)	$	311,663	$	(709,415)
Basic weighted average common shares outstanding	103,153		110,704		113,008
Unvested and vested restricted stock units	—		757		—
Effect of assumed conversion of Convertible Senior Notes to common shares	—		7,230		—
Diluted weighted average common shares outstanding (1)	103,153		118,691		113,008
Diluted (Loss)/Earnings per Share	$	(2.57)	$	2.63	$	(6.28)

(1)At December 31, 2022, the Company had approximately 1.7 million equity instruments outstanding that were excluded in the calculation of diluted EPS for the year ended December 31, 2022. These equity instruments reflect RSUs (based on current estimate of expected share settlement amount) with a weighted average grant date fair value of $16.86. These equity instruments may have a dilutive impact on future EPS.

During the year ended December 31, 2022, the Convertible Senior Notes were determined to be anti-dilutive and were excluded from 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) are included in the denominator for the purpose of calculating diluted EPS. The Convertible Senior Notes may have a dilutive impact on future EPS.