Computation of Basic and Diluted Earnings Per Share |
The following table sets forth the computation of basic and diluted earnings per share:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2020 |
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2019 |
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2020 |
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2019 |
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(In thousands, except per share amounts) |
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Net income (loss) |
($1,564,731) |
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$55,180 |
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($1,348,166) |
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$35,637 |
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Preferred stock dividends (1)
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— |
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(1,823) |
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— |
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(3,647) |
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Income (loss) available to common stockholders |
($1,564,731) |
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$53,357 |
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($1,348,166) |
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$31,990 |
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Basic weighted average common shares outstanding |
397,084 |
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228,051 |
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396,884 |
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227,917 |
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Dilutive impact of restricted stock |
— |
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360 |
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— |
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682 |
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Diluted weighted average common shares outstanding
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397,084 |
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228,411 |
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396,884 |
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228,599 |
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Income (Loss) Available to Common Stockholders Per Common Share |
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Basic |
($3.94) |
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$0.23 |
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($3.40) |
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$0.14 |
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Diluted |
($3.94) |
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$0.23 |
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($3.40) |
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$0.14 |
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Restricted stock (2)
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9,066 |
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641 |
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9,169 |
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498 |
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(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 excluded from the diluted earnings per share calculation because their effect would be anti-dilutive.
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