| Schedule of Earnings (Loss) 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 and six months ended June 30, 2025 and 2024:
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 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) Earnings Per Share: |
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Net (loss) income |
$ |
(259,041) |
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$ |
56,336 |
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$ |
(338,096) |
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$ |
259,924 |
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Dividends on preferred stock |
(13,239) |
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(11,784) |
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(26,425) |
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(23,568) |
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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 |
(344) |
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(330) |
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(748) |
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(1,704) |
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Net (loss) income attributable to common stockholders, basic |
$ |
(272,624) |
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$ |
44,222 |
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$ |
(365,269) |
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$ |
235,296 |
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Basic weighted average common shares |
104,084,326 |
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103,555,755 |
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104,030,680 |
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103,478,847 |
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Basic (loss) earnings per weighted average common share |
$ |
(2.62) |
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$ |
0.43 |
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$ |
(3.51) |
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$ |
2.27 |
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Diluted (Loss) Earnings Per Share: |
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Net (loss) income attributable to common stockholders, basic |
$ |
(272,624) |
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$ |
44,222 |
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$ |
(365,269) |
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$ |
235,296 |
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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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27 |
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Interest expense attributable to convertible notes |
— |
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— |
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— |
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9,198 |
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Net (loss) income attributable to common stockholders, diluted |
$ |
(272,624) |
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$ |
44,222 |
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$ |
(365,269) |
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$ |
244,521 |
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Basic weighted average common shares |
104,084,326 |
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103,555,755 |
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104,030,680 |
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103,478,847 |
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Effect of dilutive shares issued in an assumed vesting of performance share units |
— |
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355,057 |
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— |
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428,728 |
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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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9,229,054 |
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Diluted weighted average common shares |
104,084,326 |
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103,910,812 |
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104,030,680 |
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113,136,629 |
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Diluted (loss) earnings per weighted average common share |
$ |
(2.62) |
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$ |
0.43 |
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$ |
(3.51) |
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$ |
2.16 |
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