Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2020

Computation of Basic and Diluted Earnings Per Share

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.