EPS Calculation

9 Months Ended

Sep. 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 nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In Thousands, Except Per Share Amounts)	2023		2022		2023		2022
Basic (Loss)/Earnings per Share:
Net loss	$	(56,438)	$	(55,018)	$	(9,582)	$	(238,291)
Dividends declared on preferred stock	(8,219)		(8,218)		(24,656)		(24,656)
Dividends, dividend equivalents and undistributed earnings allocated to participating securities	(119)		(174)		(324)		(489)
Net loss available to common stockholders - basic	$	(64,776)	$	(63,410)	$	(34,562)	$	(263,436)
Basic weighted average common shares outstanding	101,916		101,795		101,910		103,609
Basic Loss per Share	$	(0.64)	$	(0.62)	$	(0.34)	$	(2.54)

Diluted (Loss)/Earnings per Share:
Net loss available to common stockholders - basic	$	(64,776)	$	(63,410)	$	(34,562)	$	(263,436)

Dividends, dividend equivalents and undistributed earnings allocated to participating securities	—		—		—		—
Net loss available to common stockholders - diluted	$	(64,776)	$	(63,410)	$	(34,562)	$	(263,436)
Basic weighted average common shares outstanding	101,916		101,795		101,910		103,609
Effect of assumed conversion of Convertible Senior Notes to common shares	—		—		—		—
Unvested and vested restricted stock units	—		—		—		—
Diluted weighted average common shares outstanding (1)	101,916		101,795		101,910		103,609
Diluted Loss per Share	$	(0.64)	$	(0.62)	$	(0.34)	$	(2.54)

(1)At September 30, 2023, the Company had approximately 3.1 million equity instruments outstanding that were included in the calculation of diluted EPS for the nine months ended September 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 $12.41. These equity instruments may continue to have a dilutive impact on future EPS.

During the nine months ended September 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.