| Schedule of Reconciliation of the Earnings/(Loss) and Shares used in Calculating Basic and Diluted EPS |
The following table presents a reconciliation of the earnings/(loss) and shares used in calculating basic and diluted earnings/(loss) per share for the three and nine months ended September 30, 2026 and 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | (In Thousands, Except Per Share Amounts) | | 2026 | | 2025 | | 2026 | | 2025 | | Basic Earnings/(Loss) per Share: | | | | | | | | | | Net income/(loss) to common stockholders | | $ | (111,690) | | | $ | 48,104 | | | $ | (65,876) | | | $ | 122,464 | | | Dividends declared on preferred stock | | (10,682) | | | (10,834) | | | (31,665) | | | (29,613) | | | Dividends, dividend equivalents and undistributed earnings allocated to participating securities | | (309) | | | (188) | | | (936) | | | (593) | | | Net income/(loss) attributable to common stockholders - basic | | $ | (122,681) | | | $ | 37,082 | | | $ | (98,477) | | | $ | 92,258 | | | Basic weighted average common shares outstanding | | 103,368 | | | 103,683 | | | 103,749 | | | 103,721 | | | Basic Earnings/(Loss) per Share | | $ | (1.19) | | | $ | 0.36 | | | $ | (0.95) | | | $ | 0.89 | | | | | | | | | | | | Diluted Earnings/(Loss) per Share: | | | | | | | | | | Net income/(loss) to common stockholders - basic | | $ | (122,681) | | | $ | 37,082 | | | $ | (98,477) | | | $ | 92,258 | | | Dividends, dividend equivalents and undistributed earnings allocated to participating securities | | — | | | — | | | — | | | — | | | | | | | | | | | | Net income/(loss) attributable to common stockholders - diluted | | $ | (122,681) | | | $ | 37,082 | | | $ | (98,477) | | | $ | 92,258 | | | Basic weighted average common shares outstanding | | 103,368 | | | 103,683 | | | 103,749 | | | 103,721 | | | Unvested and vested restricted stock units | | | | 2,063 | | | | | 1,871 | | | | | | | | | | | Diluted weighted average common shares outstanding (1) | | 103,368 | | | 105,746 | | | 103,749 | | | 105,592 | | | Diluted Earnings/(Loss) per Share | | $ | (1.19) | | | $ | 0.35 | | | $ | (0.95) | | | $ | 0.87 | |
(1)At September 30, 2026 and 2025, the Company had approximately 890,000 and 707,000 equity instruments outstanding that were excluded from the calculation of diluted EPS for the three and nine months ended September 30, 2026 and 2025, 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 $10.13 and $10.38, respectively. These equity instruments may have a dilutive impact on future EPS.
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