Earnings (Loss) Per Common Share (Tables)

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Dilutive Net Income Per Share

The following table presents the computation of basic and diluted earnings (loss) per common share for the periods indicated (dollar and share amounts in thousands, except per share amounts):

	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Basic Earnings (Loss) per Common Share:
Net income (loss) attributable to Company	$	117,813		$	22,735		$	(470,570	)	$	66,874
Less: Preferred stock dividends (1)	(10,296		)	(6,257		)	(20,593		)	(12,182		)
Net income (loss) attributable to Company's common stockholders	$	107,517		$	16,478		$	(491,163	)	$	54,692
Basic weighted average common shares outstanding	377,465			200,691			364,189			187,628
Basic Earnings (Loss) per Common Share	$	0.28		$	0.08		$	(1.35	)	$	0.29
Diluted Earnings (Loss) per Common Share:
Net income (loss) attributable to Company	$	117,813		$	22,735		$	(470,570	)	$	66,874
Less: Preferred stock dividends (1)	(10,296		)	(6,257		)	(20,593		)	(12,182		)
Add back: Interest expense on convertible notes for the period, net of tax	2,665			—			—			5,307
Net income (loss) attributable to Company's common stockholders	$	110,182		$	16,478		$	(491,163	)	$	59,999
Weighted average common shares outstanding	377,465			200,691			364,189			187,628
Net effect of assumed convertible notes conversion to common shares	19,695			—			—			19,695
Net effect of assumed RSUs vested	2,180			—			—			—
Net effect of assumed PSUs vested	642			1,707			—			1,688
Diluted weighted average common shares outstanding	399,982			202,398			364,189			209,011
Diluted Earnings (Loss) per Common Share	$	0.28		$	0.08		$	(1.35	)	$	0.29

⁽¹⁾ 

For the six months ended June 30, 2020, includes preferred stock dividends declared in arrears in June 2020 for the quarterly period that began on January 15, 2020 and ended on April 14, 2020.