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Income (Loss) Per Common Share
6 Months Ended
Jun. 30, 2023
Earnings Per Share [Abstract]  
Income (Loss) Per Common Share

(6) INCOME (LOSS) PER COMMON SHARE

Basic income or loss per share attributable to common shareholders is computed as (1) income or loss attributable to common shareholders (2) less income allocable to participating securities (3) divided by weighted average basic shares outstanding. Diluted income or loss per share attributable to common shareholders is computed as (1) basic income or loss attributable to common shareholders (2) plus diluted adjustments to income allocable to participating securities (3) divided by weighted average diluted shares outstanding. The following sets forth a reconciliation of income or loss attributable to common shareholders to basic income or loss attributable to common shareholders to diluted income or loss attributable to common shareholders (in thousands, except per share amounts):

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net income (loss), as reported

$

30,231

 

 

$

452,855

 

 

$

511,678

 

 

$

(3,953

)

Participating earnings (a)

 

(679

)

 

 

(12,056

)

 

 

(11,636

)

 

 

 

Basic net income (loss) attributed to common
   shareholders

 

29,552

 

 

 

440,799

 

 

 

500,042

 

 

 

(3,953

)

Reallocation of participating earnings (a)

 

2

 

 

 

244

 

 

 

112

 

 

 

 

Diluted net income (loss) attributed to common
   shareholders

$

29,554

 

 

$

441,043

 

 

$

500,154

 

 

$

(3,953

)

Net income (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.12

 

 

$

1.81

 

 

$

2.10

 

 

$

(0.02

)

Diluted

$

0.12

 

 

$

1.77

 

 

$

2.07

 

 

$

(0.02

)

 

(a)

Restricted Stock Awards represent participating securities because they participate in nonforfeitable dividends or distributions with common equity owners. Income allocable to participating securities represents the distributed and undistributed earnings attributable to the participating securities. Participating securities, however, do not participate in undistributed net losses.

The following details weighted average common shares outstanding and diluted weighted average common shares outstanding (in thousands):

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Weighted average common shares outstanding – basic

 

 

238,970

 

 

 

243,492

 

 

 

238,497

 

 

 

244,416

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

Director and employee restricted stock and performance
   based equity awards

 

 

2,135

 

 

 

5,158

 

 

 

2,572

 

 

 

 

Weighted average common shares outstanding – diluted

 

 

241,105

 

 

 

248,650

 

 

 

241,069

 

 

 

244,416

 

 

Weighted average common shares outstanding basic for second quarter 2023 excludes 5.4 million shares of restricted stock held in our deferred compensation plan compared to 6.7 million shares in second quarter 2022 (although all awards are issued and outstanding upon grant). Weighted average common shares outstandingbasic for first six months 2023 excludes 5.5 million shares of restricted stock held in our deferred compensation plan compared to 6.4 million shares for first six months 2022. For the three months ended June 30, 2022, 2,000 equity grants were outstanding but not included in the computation of diluted net income because the grant prices were greater than the average market price of the common shares and would be anti-dilutive to the computation. Due to our net loss for first six months 2022, we excluded all equity grants from the computation of net loss per share because the effect would have been anti-dilutive to the computations.