EPS Calculation

3 Months Ended

Mar. 31, 2024

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 months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
(In Thousands, Except Per Share Amounts)	2024		2023
Basic Earnings/(Loss) per Share:
Net income/(loss)	$	23,213	$	72,784
Dividends declared on preferred stock	(8,219)		(8,219)
Dividends, dividend equivalents and undistributed earnings allocated to participating securities	(167)		—
Net income/(loss) available to common stockholders - basic	$	14,827	$	64,565
Basic weighted average common shares outstanding	103,173		102,155
Basic Income/(Loss) per Share	$	0.14	$	0.63
Diluted Earnings/(Loss) per Share:
Net income/(loss) available to common stockholders - basic	$	14,827	$	64,565
Interest expense on Convertible Senior Notes	—		3,955
Dividends, dividend equivalents and undistributed earnings allocated to participating securities	—		—
Net income/(loss) available to common stockholders - diluted	$	14,827	$	68,520
Basic weighted average common shares outstanding	103,173		102,155
Effect of assumed conversion of Convertible Senior Notes to common shares	—		7,230
Unvested and vested restricted stock units	2,076		956
Diluted weighted average common shares outstanding (1)	105,249		110,341
Diluted Income/(Loss) per Share	$	0.14	$	0.62

(1)At March 31, 2024, the Company had approximately 478,000 equity instruments outstanding that were excluded from the calculation of diluted EPS for the three months ended March 31, 2024 as they were determined to be 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 $11.25. These equity instruments may have a dilutive impact on future EPS.

During the three months ended March 31, 2024, 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.