NET INCOME (LOSS) PER COMMON SHARE

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

NET INCOME (LOSS) PER COMMON SHARE

NOTE 3 — NET INCOME (LOSS) PER COMMON SHARE

Basic net income (loss) per common share is computed by dividing net (loss) income, after deducting dividends paid or accrued on preferred stock and allocating earnings to equity awards deemed to be participating securities pursuant to the two-class method, by the average number of shares of common stock outstanding, calculated excluding unvested stock awards.  Participating securities include unvested equity awards that contain non-forfeitable rights to dividends prior to vesting.

Diluted net income (loss) per common share is computed by dividing the numerator used to compute basic net income (loss) per common share by the denominator used to compute basic net income (loss) per common share, further adjusted for the dilutive effect, if any, of equity awards and shares of preferred stock when and if convertible into shares of common stock.  Shares of the Company’s 7.50% Series E Cumulative Redeemable Preferred Stock are contingently convertible into shares of common stock only upon the occurrence of a change in control and subject to the conditions set forth in our charter and therefore are not considered dilutive securities absent such an occurrence.  Any unvested equity awards that are deemed participating securities are included in the calculation of diluted net income (loss) per common share, if dilutive, under either the two-class method or the treasury stock method, depending upon which method produces the more dilutive result.  The following table illustrates the computation of basic and diluted net income (loss) per common share for the indicated periods (dollars in thousands, except per share amounts). 

	Year ended December 31
	2020			2019			2018
Basic net income (loss) per common share
Numerator for basic net income (loss) per common share:
Net (loss) income	$	(129,573	)	$	(35,338	)	$	50,072
Preferred stock dividends		(19,368	)		(19,368	)		(19,368	)
Earnings participation of unvested equity awards		(137	)		(100	)		(102	)
	$	(149,078	)	$	(54,806	)	$	30,602
Denominator for basic net income (loss) per common share:
Average number of shares of common stock outstanding		96,242			89,349			91,565
Average unvested stock awards outstanding		(750	)		(627	)		(451	)
		95,492			88,722			91,114
	$	(1.56	)	$	(0.62	)	$	0.34
Diluted net income (loss) per common share
Numerator for basic net income (loss) per common share	$	(149,078	)	$	(54,806	)	$	30,602
Denominator for basic net income (loss) per common share		95,492			88,722			91,114
Net effect of dilutive equity awards		-			-			116
		95,492			88,722			91,230
	$	(1.56	)	$	(0.62	)	$	0.34

Anti-dilutive securities that could be potentially dilutive in the future that were not included in the computation of diluted net income (loss) per common share include equity awards for 902,000 and 947,000 shares of common stock excludable under the treasury stock method for years ended December 31, 2020 and 2019, respectively. There were no potentially dilutive securities excluded from the computation of year ended December 31, 2018.