| Schedule of Earnings (Loss) Per Share |
Reconciliations of the components of basic and diluted net income (loss) per common share are presented in the tables below (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2023 |
|
Three Months Ended June 30, 2022 |
| Net income |
$ |
93,687 |
|
|
$ |
256,580 |
|
| Dividends on preferred stock |
(1,278) |
|
|
(1,380) |
|
Participating securities - preferred stock(1)
|
(14,044) |
|
|
(39,590) |
|
| Net income attributable to common stockholders |
$ |
78,365 |
|
|
$ |
215,610 |
|
| Re-allocation of participating securities |
182 |
|
|
310 |
|
| Diluted net income attributable to common stockholders |
$ |
78,547 |
|
|
$ |
215,920 |
|
| Basic Shares |
18,518 |
|
|
20,684 |
|
| Dilutive Shares |
18,805 |
|
|
20,877 |
|
| Basic EPS |
$ |
4.23 |
|
|
$ |
10.42 |
|
| Dilutive EPS |
$ |
4.18 |
|
|
$ |
10.34 |
|
_____________________
(1) Preferred stock represents participating securities because it participates in any dividends on shares of common stock on a pari passu, pro rata basis. However, preferred stock does not participate in undistributed net losses.
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2023 |
|
Six Months Ended June 30, 2022 |
| Net income (loss) |
$ |
616,741 |
|
|
$ |
(235,395) |
|
| Dividends on preferred stock |
(2,585) |
|
|
(2,828) |
|
Participating securities - preferred stock(1)
|
(92,611) |
|
|
— |
|
| Net income (loss) attributable to common stockholders |
$ |
521,545 |
|
|
$ |
(238,223) |
|
| Re-allocation of participating securities |
1,008 |
|
|
— |
|
| Diluted net income (loss) attributable to common stockholders |
$ |
522,553 |
|
|
$ |
(238,223) |
|
| Basic Shares |
18,688 |
|
|
20,961 |
|
| Dilutive Shares |
18,930 |
|
|
20,961 |
|
| Basic EPS |
$ |
27.91 |
|
|
$ |
(11.36) |
|
| Dilutive EPS |
$ |
27.60 |
|
|
$ |
(11.36) |
|
_____________________
(1) Preferred stock represents participating securities because it participates in any dividends on shares of common stock on a pari passu, pro rata basis. However, preferred stock does not participate in undistributed net losses.
|