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 (loss) per share includes the potential dilutive impact of non-vested restricted shares and unexercised options outstanding during the periods presented, as calculated using the treasury stock method, unless their effect is anti-dilutive. The following table sets forth the computation of basic and diluted earnings per share:
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(share amounts in thousands) |
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For the Year Ended December 31, |
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2018 |
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2017 |
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2016 |
Net income (loss) |
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$ |
300,360 |
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$ |
120,424 |
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$ |
(91,813 |
) |
Preferred stock dividends |
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(7,295 |
) |
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(7,295 |
) |
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(7,295 |
) |
Income (loss) available to common stockholders |
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$ |
293,065 |
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$ |
113,129 |
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$ |
(99,108 |
) |
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Weighted average shares outstanding |
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216,941 |
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201,526 |
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|
126,258 |
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Dilutive impact of restricted stock |
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655 |
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|
576 |
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— |
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Weighted average shares outstanding for diluted income (loss) per share (a)
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217,596 |
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202,102 |
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126,258 |
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Basic income (loss) per share |
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$ |
1.35 |
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$ |
0.56 |
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$ |
(0.78 |
) |
Diluted income (loss) per share |
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$ |
1.35 |
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$ |
0.56 |
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$ |
(0.78 |
) |
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Stock options (b)
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— |
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— |
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15 |
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Restricted stock (b)
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89 |
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16 |
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— |
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(a) |
Because the Company reported a net loss available to common stockholders for the year ended December 31, 2016, no unvested stock awards were included in computing net loss per share because the effect was anti-dilutive.
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(b) |
Shares excluded from the diluted earnings per share calculation because their effect would be anti-dilutive. |
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