| 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):
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|
Three Months Ended September 30, 2024 |
|
Three Months Ended September 30, 2023 |
| Net (loss) income |
$ |
(13,967) |
|
|
$ |
608,444 |
|
| Dividends on preferred stock |
(1,093) |
|
|
(1,133) |
|
Participating securities - preferred stock(1)
|
— |
|
|
(89,756) |
|
| Net (loss) income attributable to common stockholders |
$ |
(15,060) |
|
|
$ |
517,555 |
|
| Re-allocation of participating securities |
— |
|
|
1,147 |
|
| Diluted net (loss) income attributable to common stockholders |
$ |
(15,060) |
|
|
$ |
518,702 |
|
| Basic Shares |
18,062 |
|
|
18,670 |
|
| Dilutive Shares |
18,062 |
|
|
18,954 |
|
| Basic EPS |
$ |
(0.83) |
|
|
$ |
27.72 |
|
| Dilutive EPS |
$ |
(0.83) |
|
|
$ |
27.37 |
|
_____________________
(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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|
|
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|
Nine Months Ended September 30, 2024 |
|
Nine Months Ended September 30, 2023 |
| Net income |
$ |
11,856 |
|
|
$ |
1,225,185 |
|
| Dividends on preferred stock |
(3,293) |
|
|
(3,718) |
|
Participating securities - preferred stock(1)
|
(1,259) |
|
|
(180,394) |
|
| Net income attributable to common stockholders |
$ |
7,304 |
|
|
$ |
1,041,073 |
|
| Re-allocation of participating securities |
20 |
|
|
2,043 |
|
| Diluted net income attributable to common stockholders |
$ |
7,324 |
|
|
$ |
1,043,116 |
|
| Basic Shares |
18,133 |
|
|
18,686 |
|
| Dilutive Shares |
18,463 |
|
|
18,937 |
|
| Basic EPS |
$ |
0.40 |
|
|
$ |
55.72 |
|
| Dilutive EPS |
$ |
0.40 |
|
|
$ |
55.08 |
|
_____________________
(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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