Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2023

EARNINGS PER COMMON SHARE

The following table presents the computations of basic and diluted net earnings per common share for the periods indicated:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
	(Dollars in thousands, except per share data)
Basic Earnings Per Common Share:
Net (loss) earnings	$	(23,344)	$	131,616	$	(1,416,182)	$	374,104
Less: Preferred stock dividends	(9,947)		(9,392)		(29,841)		(9,392)
Net (loss) earnings available to common stockholders	(33,291)		122,224		(1,446,023)		364,712
Less: Earnings allocated to unvested restricted stock (1)	374		(2,331)		136		(6,721)
Net (loss) earnings allocated to common shares	$	(32,917)	$	119,893	$	(1,445,887)	$	357,991

Weighted-average basic shares and unvested restricted
stock outstanding	120,004		120,342		120,172		119,989
Less: Weighted-average unvested restricted stock
outstanding	(1,446)		(2,556)		(1,922)		(2,422)
Weighted-average basic shares outstanding	118,558		117,786		118,250		117,567

Basic (loss) earnings per common share	$	(0.28)	$	1.02	$	(12.23)	$	3.04

Diluted Earnings Per Common Share:
Net (loss) earnings allocated to common shares	$	(32,917)	$	119,893	$	(1,445,887)	$	357,991

Weighted-average diluted shares outstanding	118,558		117,786		118,250		117,567

Diluted (loss) earnings per common share	$	(0.28)	$	1.02	$	(12.23)	$	3.04

________________________

(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.