
	Three Months Ended June 30,				Six Months Ended June 30,
(In Thousands, Except Per Share Amounts)	2025		2024		2025		2024
Basic Earnings/(Loss) per Share:
Net income/(loss) to common stockholders	$	33,184	$	41,946	$	74,360	$	65,159
Dividends declared on preferred stock	(10,560)		(8,218)		(18,779)		(16,437)
Dividends, dividend equivalents and undistributed earnings allocated to participating securities	(200)		(114)		(406)		(281)
Net income/(loss) attributable to common stockholders - basic	$	22,424	$	33,614	$	55,175	$	48,441
Basic weighted average common shares outstanding	103,705		103,446		103,740		103,310
Basic Earnings/(Loss) per Share	$	0.22	$	0.32	$	0.53	$	0.47

Diluted Earnings/(Loss) per Share:
Net income/(loss) to common stockholders - basic	$	22,424	$	33,614	$	55,175	$	48,441
Dividends, dividend equivalents and undistributed earnings allocated to participating securities	—		—		—		—
Interest expense on Convertible Senior Notes	—		—		—		—
Net income/(loss) attributable to common stockholders - diluted	$	22,424	$	33,614	$	55,175	$	48,441
Basic weighted average common shares outstanding	103,705		103,446		103,740		103,310
Unvested and vested restricted stock units	1,602		1,730		1,536		1,643
Effect of assumed conversion of Convertible Senior Notes to common shares	—		—		—		—
Diluted weighted average common shares outstanding (1)	105,307		105,176		105,276		104,953
Diluted Earnings/(Loss) per Share	$	0.21	$	0.32	$	0.52	$	0.46

(1)At June 30, 2025 and 2024, the Company had approximately 931,000 and 341,000 equity instruments outstanding that were excluded from the calculation of diluted EPS for the three and six months ended June 30, 2025 and 2024, as they were determined to be anti-dilutive. These equity instruments reflect RSUs (based on current estimate of expected share settlement amount) with a weighted average grant date fair value of $10.45 and $11.20, respectively. These equity instruments may have a dilutive impact on future EPS.

During the six months ended June 30, 2024, the Convertible Senior Notes were determined to be anti-dilutive and were excluded from the calculation of diluted EPS under the “if-converted” method. Under this method, the periodic interest expense for dilutive notes is added back to the numerator and the weighted average number of shares that the notes are entitled to (if converted, regardless of whether the conversion option is in or out of the money) are included in the denominator for the purpose of calculating diluted EPS.