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Subsequent Events
 3 Months Ended
Mar. 31, 2022
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Dividends
We declared the following dividends on May 3, 2022: a Series B Preferred Stock dividend of $0.4844 per share payable on June 27, 2022 to our stockholders of record as of June 5, 2022 and a Series C Preferred Stock dividend of $0.46875 per share payable on June 27, 2022 to our stockholders of record as of June 5, 2022.
Preferred Stock Repurchase Plan
On May 3, 2022, our Board of Directors approved a repurchase plan for our preferred stock. Under the terms of the plan, we are authorized to repurchase up to 3,000,000 shares of our Series B Preferred Stock and 5,000,000 shares of our Series C Preferred Stock.
Reverse Stock Split
On May 3, 2022, our Board of Directors approved a one-for-ten reverse stock split of outstanding shares of our common stock. We expect the reverse stock split will be effective following the close of business on June 3, 2022 at which time every ten issued and outstanding shares of our common stock will convert into one share of common stock. Cash will be paid in lieu of fractional shares. The following table presents pro forma earnings (loss) per common share as if the one-for-ten reverse stock split had been given retroactive recognition in our financial statements for the three months ended March 31, 2022 and 2021.
Pro Forma Computation of Earnings (Loss) Per Common Share Assuming a One-for-Ten Reverse Stock Split
Three Months Ended March 31,
In thousands, except per share amounts20222021
Numerator (Income)
Basic Earnings:
Net income (loss) available to common stockholders(236,816)(20,382)
Denominator (Weighted Average Shares)
Basic Earnings:
Shares available to common stockholders32,985 22,396 
Dilutive Shares32,985 22,396 
Pro forma earnings (loss) per share:
Net income (loss) attributable to common stockholders
Basic(7.18)(0.91)
Diluted(7.18)(0.91)
The following potential weighted average common shares were excluded from pro forma diluted earnings per share for three months ended March 31, 2022 as the effect would be antidilutive: 1,500 for restricted stock awards (1,238 for restricted stock awards for three months ended March 31, 2021).