| Schedule of Earnings Income (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, 2024 |
|
Three Months Ended June 30, 2023 |
| Net (loss) income |
$ |
(26,212) |
|
|
$ |
93,687 |
|
| Dividends on preferred stock |
(1,095) |
|
|
(1,278) |
|
Participating securities - preferred stock(1)
|
— |
|
|
(14,044) |
|
| Net (loss) income attributable to common stockholders |
$ |
(27,307) |
|
|
$ |
78,365 |
|
| Re-allocation of participating securities |
— |
|
|
182 |
|
| Diluted net (loss) income attributable to common stockholders |
$ |
(27,307) |
|
|
$ |
78,547 |
|
| Basic Shares |
18,144 |
|
|
18,518 |
|
| Dilutive Shares |
18,144 |
|
|
18,805 |
|
| Basic EPS |
$ |
(1.51) |
|
|
$ |
4.23 |
|
| Dilutive EPS |
$ |
(1.51) |
|
|
$ |
4.18 |
|
_____________________
(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, 2024 |
|
Six Months Ended June 30, 2023 |
| Net income |
$ |
25,823 |
|
|
$ |
616,741 |
|
| Dividends on preferred stock |
(2,200) |
|
|
(2,585) |
|
Participating securities - preferred stock(1)
|
(3,469) |
|
|
(92,611) |
|
| Net income attributable to common stockholders |
$ |
20,154 |
|
|
$ |
521,545 |
|
| Re-allocation of participating securities |
64 |
|
|
1,008 |
|
| Diluted net income attributable to common stockholders |
$ |
20,218 |
|
|
$ |
522,553 |
|
| Basic Shares |
18,169 |
|
|
18,688 |
|
| Dilutive Shares |
18,573 |
|
|
18,930 |
|
| Basic EPS |
$ |
1.11 |
|
|
$ |
27.91 |
|
| Dilutive EPS |
$ |
1.09 |
|
|
$ |
27.60 |
|
_____________________
(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.
|