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Earnings (Loss) Per Share
6 Months Ended
Jun. 30, 2023
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share Earnings (Loss) Per Share
The Company calculates earnings per share under the two-class method. During the third quarter of 2022, the Company granted RSUs which include non-forfeitable rights to dividends and are therefore considered “participating securities.” Accordingly, effective in the third quarter of 2022, the Company began to compute earnings per share under the two-class earnings allocation method. The two-class method is an earnings allocation formula that computes earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings.
Basic earnings per share amounts have been computed as (i) net income (loss) (ii) less distributed and undistributed earnings allocated to participating securities (iii) divided by the weighted average number of basic shares outstanding for the periods presented. Diluted earnings per share amounts have been computed as (i) basic net income attributable to common stockholders (ii) plus the reallocation of distributed and undistributed earnings allocated to participating securities (iii) divided by the weighted average number of diluted shares outstanding for the periods presented. The Company calculates diluted earnings per share under both the two-class method and treasury stock method and reports the more dilutive of the two calculations.
The following table summarizes the basic and diluted earnings per share for the periods presented:
Three Months Ended June 30,Six Months Ended June 30,
 2023202220232022
 (In thousands, except per share data)
Net income from continuing operations$216,071 $130,839 $513,070 $111,288 
Distributed and undistributed earnings allocated to participating securities(726)— (1,453)— 
Net income from continuing operations attributable to common stockholders (basic)215,345 130,839 511,617 111,288 
Reallocation of distributed and undistributed earnings allocated to participating securities12 — 20 — 
Net income from continuing operations attributable to common stockholders (diluted)$215,357 $130,839 $511,637 $111,288 
Weighted average common shares outstanding:
Basic weighted average common shares outstanding41,494 19,55341,531 19,430 
Dilutive effect of share-based awards
933 1,131 917 1,167 
Dilutive effect of warrants959 306 819 386 
Diluted weighted average common shares outstanding43,386 20,990 43,267 20,983 
Basic earnings per share from continuing operations$5.19 $6.69 $12.32 $5.73 
Diluted earnings per share from continuing operations$4.96 $6.23 $11.83 $5.30 
Anti-dilutive weighted average common shares:
Potential common shares4,118 1,127 4,340 1,218 
    
For the three and six months ended June 30, 2023 and 2022, the diluted earnings per share calculation excludes the impact of unvested share-based awards and outstanding warrants that were anti-dilutive.
For the six months ended June 30, 2022, basic and diluted earnings per share from discontinued operations were $24.99 and $23.14, respectively.