Annual report pursuant to Section 13 and 15(d)

Earnings Per Share (Tables)

v3.20.4
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2020
Earnings Per Share [Abstract]  
Computation of Basic and Diluted Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share:
Years Ended December 31,
2020 2019 2018
(In thousands, except per share amounts)
Net income (loss) ($2,533,621) $67,928  $300,360 
Preferred stock dividends (1)
—  (3,997) (7,295)
Loss on redemption of preferred stock —  (8,304) — 
Income (loss) available to common stockholders ($2,533,621) $55,627  $293,065 
Basic weighted average common shares outstanding (2)
39,718  23,313  21,703 
Dilutive impact of restricted stock (2)
—  27  70 
Diluted weighted average common shares outstanding (2)
39,718  23,340  21,773 
Income (Loss) Available to Common Stockholders Per Common Share (2)
Basic ($63.79) $2.39  $13.50 
Diluted ($63.79) $2.38  $13.46 
Restricted stock (2)(3)
581  90 16
Warrants (2)(3)
2,564  9 0

(1)    The Company redeemed all outstanding shares of its 10% Series A Cumulative Preferred Stock (“Preferred Stock”) on July 18, 2019 and all dividends ceased to accrue upon redemption.
(2) Shares and per share data have been retroactively adjusted to reflect the Company’s 1-for-10 reverse stock split effective August 7, 2020. See “Note 11 – Stockholders’ Equity” for additional information.
(3) Shares excluded from the diluted earnings per share calculation because their effect would be anti-dilutive.