| Schedule of Loss Earnings Per Share, Basic and Diluted |
The following table presents a reconciliation of the (loss) earnings and shares used in calculating basic and diluted (loss) earnings per share for the three months ended March 31, 2025 and 2024:
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Three Months Ended |
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March 31, |
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(in thousands, except share data) |
2025 |
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2024 |
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Basic (Loss) Earnings Per Share: |
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Net (loss) income |
$ |
(79,055) |
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$ |
203,588 |
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Dividends on preferred stock |
(13,186) |
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(11,784) |
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Gain on repurchase and retirement of preferred stock |
— |
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644 |
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Dividends and undistributed earnings allocated to participating restricted stock units |
(404) |
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(1,441) |
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Net (loss) income attributable to common stockholders, basic |
$ |
(92,645) |
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$ |
191,007 |
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Basic weighted average common shares |
103,976,437 |
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103,401,940 |
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Basic (loss) earnings per weighted average common share |
$ |
(0.89) |
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$ |
1.85 |
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Diluted (Loss) Earnings Per Share: |
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Net (loss) income attributable to common stockholders, basic |
$ |
(92,645) |
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$ |
191,007 |
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Reallocation impact of undistributed earnings to participating restricted stock units |
— |
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61 |
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Interest expense attributable to convertible notes |
— |
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4,619 |
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Net (loss) income attributable to common stockholders, diluted |
$ |
(92,645) |
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$ |
195,687 |
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Basic weighted average common shares |
103,976,437 |
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103,401,940 |
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Effect of dilutive shares issued in an assumed vesting of performance share units |
— |
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361,286 |
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Effect of dilutive shares issued in an assumed conversion |
— |
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9,210,091 |
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Diluted weighted average common shares |
103,976,437 |
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112,973,317 |
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Diluted (loss) earnings per weighted average common share |
$ |
(0.89) |
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$ |
1.73 |
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