Earnings Per Share

12 Months Ended

Dec. 31, 2020

Basic earnings (loss) per share is computed by dividing income available to common stockholders by the weighted average number of shares outstanding for the periods presented. The calculation of diluted earnings per share includes the potential dilutive impact of non-vested restricted shares and unexercised warrants outstanding during the periods presented, as calculated using the treasury stock method, unless their effect is anti-dilutive. For the year ended December 31, 2020, the Company reported a loss available to common stockholders. As a result, the calculation of diluted weighted average common shares outstanding excluded all potentially dilutive common shares outstanding.

The following table sets forth the computation of basic and diluted earnings per share:


	Years Ended December 31,
	2020	2019	2018
	(In thousands, except per share amounts)
Net income (loss)	($2,533,621)	$67,928	$300,360
Preferred stock dividends (1)	—	(3,997)	(7,295)
Loss on redemption of preferred stock	—	(8,304)	—
Income (loss) available to common stockholders	($2,533,621)	$55,627	$293,065

Basic weighted average common shares outstanding (2)	39,718	23,313	21,703
Dilutive impact of restricted stock (2)	—	27	70
Diluted weighted average common shares outstanding (2)	39,718	23,340	21,773

Income (Loss) Available to Common Stockholders Per Common Share (2)
Basic	($63.79)	$2.39	$13.50
Diluted	($63.79)	$2.38	$13.46

Restricted stock (2)(3)	581	90	16
Warrants (2)(3)	2,564	9	0

(1) The Company redeemed all outstanding shares of its 10% Series A Cumulative Preferred Stock (“Preferred Stock”) on July 18, 2019 and all dividends ceased to accrue upon redemption.

(2) Shares and per share data have been retroactively adjusted to reflect the Company’s 1-for-10 reverse stock split effective August 7, 2020. See “Note 11 – Stockholders’ Equity” for additional information.

(3) Shares excluded from the diluted earnings per share calculation because their effect would be anti-dilutive.