Earnings (Loss) Per Common Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings (Loss) Per Common Share

18. Earnings (Loss) Per Common Share

The Company calculates basic earnings (loss) per common share by dividing net income (loss) attributable to the Company's common stockholders for the period by weighted-average shares of common stock outstanding for that period. Diluted earnings (loss) per common share takes into account the effect of dilutive instruments, such as performance share units ("PSUs"), restricted stock units ("RSUs"), deferred stock units ("DSUs") and the number of incremental shares that are to be added to the weighted-average number of shares outstanding.

During the three months ended September 30, 2024, certain of the RSUs and DSUs awarded under the 2017 Plan were determined to be dilutive and were included in the calculation of diluted earnings per common share under the treasury stock method. Under this method, common equivalent shares are calculated assuming that outstanding RSUs and DSUs vest according to the respective RSU and DSU agreements and unrecognized compensation cost is used to repurchase shares of the Company’s outstanding common stock at the average market price during the reported period. During the nine months ended September 30, 2024, the RSUs and DSUs awarded under the 2017 Plan were determined to be anti-dilutive and were not included in the calculation of diluted loss per common share.

During the three and nine months ended September 30, 2024, the PSUs awarded under the 2017 Plan were determined to be anti-dilutive and were not included in the calculation of diluted earnings (loss) per common share.

During the three and nine months ended September 30, 2023, the PSUs and RSUs awarded under the 2017 Plan were determined to be anti-dilutive and were not included in the calculation of diluted loss per common 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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Basic Earnings (Loss) per Common Share:
Net income (loss) attributable to Company	$	42,849	$	(84,509)	$	(30,640)	$	(90,573)
Less: Preferred Stock dividends	(10,439)		(10,435)		(31,317)		(31,394)
Plus: Gain on repurchase of Preferred Stock	—		125		—		467
Net income (loss) attributable to Company's common stockholders	$	32,410	$	(94,819)	$	(61,957)	$	(121,500)
Basic weighted average common shares outstanding	90,582		90,984		90,895		91,163
Basic Earnings (Loss) per Common Share	$	0.36	$	(1.04)	$	(0.68)	$	(1.33)
Diluted Earnings (Loss) per Common Share:
Net income (loss) attributable to Company	$	42,849	$	(84,509)	$	(30,640)	$	(90,573)
Less: Preferred Stock dividends	(10,439)		(10,435)		(31,317)		(31,394)
Plus: Gain on repurchase of Preferred Stock	—		125		—		467
Net income (loss) attributable to Company's common stockholders	$	32,410	$	(94,819)	$	(61,957)	$	(121,500)
Weighted average common shares outstanding	90,582		90,984		90,895		91,163
Net effect of assumed RSUs and DSUs vested	4		—		—		—
Diluted weighted average common shares outstanding	90,586		90,984		90,895		91,163
Diluted Earnings (Loss) per Common Share	$	0.36	$	(1.04)	$	(0.68)	$	(1.33)