EARNINGS (LOSS) PER SHARE

9 Months Ended

Sep. 30, 2024

Basic income or loss per share attributable to common stockholders is computed as (i) net income or loss less (ii) dividends paid to holders of preferred stock less (iii) net income or loss attributable to participating securities divided by (iv) weighted average basic shares outstanding. Diluted net income or loss per share attributable to common stockholders is computed as (i) basic net income or loss attributable to common stockholders plus (ii) diluted adjustments to income allocable to participating securities divided by (iii) weighted average diluted shares outstanding. The "if-converted" method is used to determine the dilutive impact for the Company's convertible preferred stock and the treasury stock method is used to determine the dilutive impact of unvested restricted stock.

There were 0.2 million share-based awards that were considered anti-dilutive for the three months ended September 30, 2024, and 0.3 million share-based awards that were considered dilutive for the nine months ended September 30, 2024. There were 0.3 million share-based awards that were considered dilutive for each of the three months and nine months ended September 30, 2023. There were 3.1 million potential shares of common stock issuable due to the Company's convertible preferred stock for each of the three and nine months ended September 30, 2024. There were 3.2 million potential shares of common stock issuable due to the Company's convertible preferred stock for each of the three and nine months ended September 30, 2023.

Reconciliations of the components of basic and diluted net income (loss) per common share are presented in the tables below (in thousands):


	Three Months Ended September 30, 2024		Three Months Ended September 30, 2023
Net (loss) income	$	(13,967)	$	608,444
Dividends on preferred stock	(1,093)		(1,133)
Participating securities - preferred stock(1)	—		(89,756)
Net (loss) income attributable to common stockholders	$	(15,060)	$	517,555
Re-allocation of participating securities	—		1,147
Diluted net (loss) income attributable to common stockholders	$	(15,060)	$	518,702
Basic Shares	18,062		18,670
Dilutive Shares	18,062		18,954
Basic EPS	$	(0.83)	$	27.72
Dilutive EPS	$	(0.83)	$	27.37

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(1) Preferred stock represents participating securities because it participates in any dividends on shares of common stock on a pari passu, pro rata basis. However, preferred stock does not participate in undistributed net losses.


	Nine Months Ended September 30, 2024		Nine Months Ended September 30, 2023
Net income	$	11,856	$	1,225,185
Dividends on preferred stock	(3,293)		(3,718)
Participating securities - preferred stock(1)	(1,259)		(180,394)
Net income attributable to common stockholders	$	7,304	$	1,041,073
Re-allocation of participating securities	20		2,043
Diluted net income attributable to common stockholders	$	7,324	$	1,043,116
Basic Shares	18,133		18,686
Dilutive Shares	18,463		18,937
Basic EPS	$	0.40	$	55.72
Dilutive EPS	$	0.40	$	55.08

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