Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2022

The following table presents the computation of basic and diluted net earnings (loss) per share for the years indicated:


	Year Ended December 31,
	2022		2021		2020
	(Dollars in thousands, except per share data)
Basic Earnings (Loss) Per Share:
Net earnings (loss)	$	423,613	$	606,959	$	(1,237,574)
Less: Preferred stock dividends	(19,339)		—		—
Net earnings available to common stockholders	404,274		606,959		(1,237,574)
Less: earnings allocated to unvested restricted stock(1)	(7,474)		(10,248)		(1,782)
Net earnings (loss) allocated to common shares	$	396,800	$	596,711	$	(1,239,356)

Weighted-average basic shares and unvested restricted stock outstanding	120,071		119,349		118,463
Less: weighted-average unvested restricted stock outstanding	(2,442)		(2,255)		(1,610)
Weighted-average basic shares outstanding	117,629		117,094		116,853

Basic earnings (loss) per share	$	3.37	$	5.10	$	(10.61)

Diluted Earnings (Loss) Per Share:
Net earnings (loss) allocated to common shares	$	396,800	$	596,711	$	(1,239,356)

Weighted-average diluted shares outstanding	117,629		117,094		116,853

Diluted earnings (loss) per share	$	3.37	$	5.10	$	(10.61)

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(1) Represents cash dividends paid to holders of unvested restricted stock, net of forfeitures, plus undistributed earnings amounts available to holders of unvested restricted stock, if any.