| Earnings Per Share |
Earnings Per Share The following table presents a reconciliation of the net loss and shares used in calculating basic and diluted loss per share for the three and nine months ended September 30, 2025 and 2024:
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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(in thousands, except share data) |
2025 |
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2024 |
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2025 |
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2024 |
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Basic Loss Per Share: |
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Net (loss) income |
$ |
(127,921) |
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$ |
(238,485) |
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$ |
(466,017) |
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$ |
21,439 |
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Dividends on preferred stock |
(13,324) |
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(11,784) |
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(39,749) |
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(35,352) |
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Gain on repurchase and retirement of preferred stock |
— |
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— |
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— |
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644 |
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Dividends and undistributed earnings allocated to participating restricted stock units |
(294) |
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(303) |
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(1,042) |
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(940) |
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Net loss attributable to common stockholders, basic |
$ |
(141,539) |
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$ |
(250,572) |
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$ |
(506,808) |
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$ |
(14,209) |
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Basic weighted average common shares |
104,144,560 |
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103,635,455 |
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104,069,057 |
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103,531,431 |
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Basic loss per weighted average common share |
$ |
(1.36) |
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$ |
(2.42) |
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$ |
(4.87) |
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$ |
(0.14) |
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Diluted Loss Per Share: |
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Net loss attributable to common stockholders, basic |
$ |
(141,539) |
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$ |
(250,572) |
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$ |
(506,808) |
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$ |
(14,209) |
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Reallocation impact of undistributed earnings to participating restricted stock units |
— |
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— |
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— |
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— |
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Interest expense attributable to convertible notes |
— |
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— |
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— |
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— |
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Net loss attributable to common stockholders, diluted |
$ |
(141,539) |
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$ |
(250,572) |
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$ |
(506,808) |
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$ |
(14,209) |
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Basic weighted average common shares |
104,144,560 |
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103,635,455 |
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104,069,057 |
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103,531,431 |
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Effect of dilutive shares issued in an assumed vesting of performance share units |
— |
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— |
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— |
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— |
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Effect of dilutive shares issued in an assumed conversion |
— |
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— |
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— |
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— |
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Diluted weighted average common shares |
104,144,560 |
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103,635,455 |
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104,069,057 |
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103,531,431 |
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Diluted loss per weighted average common share |
$ |
(1.36) |
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$ |
(2.42) |
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$ |
(4.87) |
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$ |
(0.14) |
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For the three and nine months ended September 30, 2025 and 2024, excluded from the calculation of diluted earnings per share was the effect of adding undistributed earnings reallocated to participating RSUs, the assumed vesting of outstanding PSUs and the assumed conversion of the Company’s convertible senior notes, as inclusion for each would have been antidilutive under the two-class method for all periods.
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