EPS Calculation

6 Months Ended

Jun. 30, 2023

The following table presents a reconciliation of the (loss)/earnings and shares used in calculating basic and diluted (loss)/earnings per share for the three and six months ended June 30, 2023 and 2022:


	Three Months Ended June 30,				Six Months Ended June 30,
(In Thousands, Except Per Share Amounts)	2023		2022		2023		2022
Basic (Loss)/Earnings per Share:
Net (loss)/income	$	(25,928)	$	(100,367)	$	46,856	$	(183,273)
Dividends declared on preferred stock	(8,218)		(8,219)		(16,437)		(16,438)
Dividends, dividend equivalents and undistributed earnings allocated to participating securities	(119)		(174)		(206)		(315)
Net (loss)/income available to common stockholders - basic	$	(34,265)	$	(108,760)	$	30,213	$	(200,026)
Basic weighted average common shares outstanding	101,915		102,515		101,907		104,531
Basic (Loss)/Earnings per Share	$	(0.34)	$	(1.06)	$	0.30	$	(1.91)

Diluted (Loss)/Earnings per Share:
Net (loss)/income available to common stockholders - basic	$	(34,265)	$	(108,760)	$	30,213	$	(200,026)

Dividends, dividend equivalents and undistributed earnings allocated to participating securities	—		—		206		—
Net (loss)/income available to common stockholders - diluted	$	(34,265)	$	(108,760)	$	30,419	$	(200,026)
Basic weighted average common shares outstanding	101,915		102,515		101,907		104,531
Effect of assumed conversion of Convertible Senior Notes to common shares	—		—		—		—
Unvested and vested restricted stock units	—		—		1,771		—
Diluted weighted average common shares outstanding (1)	101,915		102,515		103,678		104,531
Diluted (Loss)/Earnings per Share	$	(0.34)	$	(1.06)	$	0.29	$	(1.91)

(1)At June 30, 2023, the Company had approximately 3.6 million equity instruments outstanding that were included in the calculation of diluted EPS for the six months ended June 30, 2023. These equity instruments reflect RSUs (based on current estimate of expected share settlement amount) with a weighted average grant date fair value of $12.09. These equity instruments may continue to have a dilutive impact on future EPS.

During the six months ended June 30, 2023, 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.