| 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):
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Three Months Ended September 30, 2023 |
|
Three Months Ended September 30, 2022 |
| Net income (loss) |
$ |
608,444 |
|
|
$ |
(18,472) |
|
| Dividends on preferred stock |
(1,133) |
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|
(1,309) |
|
Participating securities - preferred stock(1)
|
(89,756) |
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|
— |
|
| Net income (loss) attributable to common stockholders |
$ |
517,555 |
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|
$ |
(19,781) |
|
| Re-allocation of participating securities |
1,147 |
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|
— |
|
| Diluted net income (loss) attributable to common stockholders |
$ |
518,702 |
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|
$ |
(19,781) |
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| Basic Shares |
18,670 |
|
|
19,635 |
|
| Dilutive Shares |
18,954 |
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|
19,635 |
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| Basic EPS |
$ |
27.72 |
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|
$ |
(1.01) |
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| Dilutive EPS |
$ |
27.37 |
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|
$ |
(1.01) |
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_____________________
(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.
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Nine Months Ended September 30, 2023 |
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Nine Months Ended September 30, 2022 |
| Net income (loss) |
$ |
1,225,185 |
|
|
$ |
(253,867) |
|
| Dividends on preferred stock |
(3,718) |
|
|
(4,136) |
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Participating securities - preferred stock(1)
|
(180,394) |
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|
— |
|
| Net income (loss) attributable to common stockholders |
$ |
1,041,073 |
|
|
$ |
(258,003) |
|
| Re-allocation of participating securities |
2,043 |
|
|
— |
|
| Diluted net income (loss) attributable to common stockholders |
$ |
1,043,116 |
|
|
$ |
(258,003) |
|
| Basic Shares |
18,686 |
|
|
20,514 |
|
| Dilutive Shares |
18,937 |
|
|
20,514 |
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| Basic EPS |
$ |
55.72 |
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|
$ |
(12.58) |
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| Dilutive EPS |
$ |
55.08 |
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|
$ |
(12.58) |
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_____________________
(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.
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