| Schedule of Earnings (Loss) Per Share, Basic and Diluted |
The following table presents a reconciliation of the (loss) earnings and shares used in calculating basic and diluted (loss) earnings per share for the three and six months ended June 30, 2025 and 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | June 30, | | June 30, | | (in thousands, except share data) | 2025 | | 2024 | | 2025 | | 2024 | | | | Basic (Loss) Earnings Per Share: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net (loss) income | $ | (259,041) | | | $ | 56,336 | | | $ | (338,096) | | | $ | 259,924 | | | | | | | | | | | | | | | | | | | | | | | | | | | Dividends on preferred stock | (13,239) | | | (11,784) | | | (26,425) | | | (23,568) | | | | | Gain on repurchase and retirement of preferred stock | — | | | — | | | — | | | 644 | | | | | Dividends and undistributed earnings allocated to participating restricted stock units | (344) | | | (330) | | | (748) | | | (1,704) | | | | | Net (loss) income attributable to common stockholders, basic | $ | (272,624) | | | $ | 44,222 | | | $ | (365,269) | | | $ | 235,296 | | | | | Basic weighted average common shares | 104,084,326 | | | 103,555,755 | | | 104,030,680 | | | 103,478,847 | | | | | Basic (loss) earnings per weighted average common share | $ | (2.62) | | | $ | 0.43 | | | $ | (3.51) | | | $ | 2.27 | | | | | Diluted (Loss) Earnings Per Share: | | | | | | | | | | | Net (loss) income attributable to common stockholders, basic | $ | (272,624) | | | $ | 44,222 | | | $ | (365,269) | | | $ | 235,296 | | | | | Reallocation impact of undistributed earnings to participating restricted stock units | — | | | — | | | — | | | 27 | | | | | | | | | | | | | | | | Interest expense attributable to convertible notes | — | | | — | | | — | | | 9,198 | | | | | Net (loss) income attributable to common stockholders, diluted | $ | (272,624) | | | $ | 44,222 | | | $ | (365,269) | | | $ | 244,521 | | | | | Basic weighted average common shares | 104,084,326 | | | 103,555,755 | | | 104,030,680 | | | 103,478,847 | | | | | Effect of dilutive shares issued in an assumed vesting of performance share units | — | | | 355,057 | | | — | | | 428,728 | | | | | Effect of dilutive shares issued in an assumed conversion | — | | | — | | | — | | | 9,229,054 | | | | | Diluted weighted average common shares | 104,084,326 | | | 103,910,812 | | | 104,030,680 | | | 113,136,629 | | | | | Diluted (loss) earnings per weighted average common share | $ | (2.62) | | | $ | 0.43 | | | $ | (3.51) | | | $ | 2.16 | | | |
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