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Capital Stock
6 Months Ended
Jun. 30, 2022
Equity [Abstract]  
Capital Stock Capital Stock
Preferred Stock

The Company declared dividends to Series A preferred stockholders of $3 million and $6 million , or $0.50 and $1.00 per preferred share, during the quarter and six months ended June 30, 2022, respectively. The Company declared dividends to Series A preferred stockholders of $3 million and $6 million, or $0.50 and $1.00 per preferred share, during the quarter and six months ended June 30, 2021, respectively.

The Company declared dividends to Series B preferred stockholders of $7 million and $13 million, or $0.50 and $1.00 per preferred share,during the quarter and six months ended June 30, 2022, respectively. The Company declared dividends to Series B preferred stockholders of $7 million and $13 million, or $0.50 and $1.00 per preferred share,during the quarter and six months ended June 30, 2021, respectively.

The Company declared dividends to Series C preferred stockholders of $5 million and $10 million, or $0.484375 and $0.968750 per preferred share, during quarter and six months ended June 30, 2022, respectively. The Company declared dividends to Series C preferred stockholders of $5 million and $10 million, or $0.484375 and $0.968750 per preferred share, during quarter ended and six months ended June 30, 2021, respectively.

The Company declared dividends to Series D preferred stockholders of $4 million and $8 million, or $0.50 and $1.00 per preferred share, during the quarter and six months ended June 30, 2022, respectively. The Company declared dividends to Series D preferred stockholders of $4 million and $8 million, or $0.50 and $1.00 per preferred share, during the quarter and six months ended June 30, 2021, respectively.

On October 30, 2021, all 5,800,000 issued and outstanding shares of Series A Preferred Stock with an outstanding liquidation preference of $145 million became callable at a redemption price equal to the liquidation preference plus accrued and unpaid dividends through, but not including the redemption date. The Company's fixed-to-floating rate series B, C and D preferred stock are LIBOR based and will become floating on their respective call dates.

Common Stock

In February 2021, the Company's Board of Directors increased the authorization of the Company's share repurchase program to $250 million, or the Repurchase Program. Such authorization does not have an expiration date, and at present, there is no intention to modify or otherwise rescind such authorization. Shares of the Company's common stock may be purchased in the open market, including through block purchases, through privately negotiated transactions, or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, or the Exchange Act. The timing, manner, price and amount of any repurchases will be determined at the Company's discretion and the program may be suspended, terminated or modified at any time, for any reason. Among other factors, the Company intends to only consider repurchasing shares of its common stock when the purchase price is less than the last publicly reported book value per common share. In addition, the Company does not intend to repurchase any shares from directors, officers or other affiliates. The program does not obligate the Company to acquire any specific number of shares, and all repurchases will be made in accordance with Rule 10b-18, which sets certain restrictions on the method, timing, price and volume of stock repurchases.

The Company repurchased approximately 5.4 million shares of its common stock at an average price of $9.10 for a total of $49 million during the quarter and six months ended June 30, 2022. The Company did not repurchase any of its common stock during the quarter ended June 30, 2021. The Company repurchased approximately 161 thousand shares of its common stock at an average price of $11.39 per share for a total of $2 million during the six months ended June 30, 2021. The approximate dollar value of shares that may yet be purchased under the Repurchase Program is $177 million as of June 30, 2022.

In February 2022, the Company entered into separate Distribution Agency Agreements (the “Sales Agreements”) with each of Credit Suisse Securities (USA) LLC, JMP Securities LLC, Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and RBC Capital Markets, LLC (the “Sales Agents”). Pursuant to the terms of the Sales Agreements, the Company may offer and sell shares of our common stock, having an aggregate offering price of up to $500,000,000, from time to time through any of the
Sales Agents under the Securities Act of 1933. During the quarter and six months ended June 30, 2022, the Company did not issue any shares under the at-the-market sales program.

During the quarter and six months ended June 30, 2022, the Company declared dividends to common shareholders of $78 million and $156 million, or $0.33 and $0.66 per share, respectively. During the quarter and six months ended June 30, 2021, the Company declared dividends to common shareholders of $79 million and $149 million, or $0.33 and $0.63 per share, respectively.

Earnings per Share (EPS)

EPS for the quarter and six months ended June 30, 2022 and 2021, are computed as follows:


 For the Quarters Ended
 June 30, 2022June 30, 2021
 (dollars in thousands)
Numerator:  
Net income (loss) available to common shareholders - Basic$(179,765)$144,883 
Effect of dilutive securities:
Interest expense attributable to convertible notes— 959 
Net income (loss) available to common shareholders - Diluted$(179,765)$145,842 
Denominator:  
Weighted average basic shares235,310,440 231,638,042 
Effect of dilutive securities— 10,101,494 
Weighted average dilutive shares235,310,440 241,739,536 
Net income (loss) per average share attributable to common stockholders - Basic$(0.76)$0.63 
Net income (loss) per average share attributable to common stockholders - Diluted$(0.76)$0.60 
 For the Six Months Ended
 June 30, 2022June 30, 2021
 (dollars in thousands)
Numerator:  
Net income (loss) available to common shareholders - Basic$(460,966)$284,037 
Effect of dilutive securities:
Interest expense attributable to convertible notes— 2,035 
Net income (loss) available to common shareholders - Diluted$(460,966)$286,072 
Denominator: 
Weighted average basic shares236,156,868 231,105,595 
Effect of dilutive securities— 20,618,345 
Weighted average dilutive shares236,156,868 251,723,940 
Net income (loss) per average share attributable to common stockholders - Basic$(1.95)$1.23 
Net income (loss) per average share attributable to common stockholders - Diluted$(1.95)$1.14 

For the quarter and the six months ended June 30, 2022 potentially dilutive shares of 2.3 million were excluded from the computation of fully diluted EPS because their effect would have been anti-dilutive. At June 30, 2021 potentially dilutive shares of 59 thousand were excluded from the computation of fully diluted EPS because their effect would have been anti-dilutive. Anti-dilutive shares for the quarter and six months ended June 30, 2022 and six months ended June 30, 2021 were comprised of restricted stock units and performance stock units.