Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v3.20.2
Earnings Per Share
9 Months Ended
Sep. 30, 2020
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Basic earnings (loss) per share is computed by dividing income (loss) available to common stockholders by the weighted average number of shares outstanding for the periods presented. The calculation of diluted earnings per share includes the potential dilutive impact of non-vested restricted shares outstanding during the periods presented, as calculated using the treasury stock method, unless their effect is anti-dilutive. For the three and nine months ended September 30, 2020, the Company reported a loss available to common stockholders. As a result, the calculation of diluted weighted average common shares outstanding excluded the anti-dilutive effect of 1.3 million and 1.0 million potentially dilutive common shares outstanding for the three and nine months ended September 30, 2020, respectively. The following table sets forth the computation of basic and diluted earnings per share:
Three Months Ended September 30, Nine Months Ended September 30,
  2020 2019 2020 2019
(In thousands, except per share amounts)
Net income (loss) ($680,384) $55,834  ($2,028,550) $91,471 
Preferred stock dividends (1)
—  (350) —  (3,997)
Loss on redemption of preferred stock —  (8,304) —  (8,304)
Income (loss) available to common stockholders ($680,384) $47,180  ($2,028,550) $79,170 
       
Basic weighted average common shares outstanding (2)
39,746  22,831  39,707  22,805 
Dilutive impact of restricted stock (2)
—  15  —  36 
Diluted weighted average common shares outstanding (2)
39,746  22,846  39,707  22,841 
       
Income (Loss) Available to Common Stockholders Per Common Share (2)
Basic ($17.12) $2.07  ($51.09) $3.47 
Diluted ($17.12) $2.07  ($51.09) $3.47 
       
Restricted stock (2)(3)
1,263  249  1,014  191 

(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.