Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2023

EARNINGS PER COMMON SHARE

The following table presents the computations of basic and diluted net earnings per common share for the periods indicated:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
	(Dollars in thousands, except per share data)
Basic Earnings Per Common Share:
Net (loss) earnings	$	(197,414)	$	122,360	$	(1,392,838)	$	242,488
Less: Preferred stock dividends	(9,947)		—		(19,894)		—
Net (loss) earnings available to common stockholders	(207,361)		122,360		(1,412,732)		242,488
Less: Earnings allocated to unvested restricted stock (1)	82		(2,351)		(238)		(4,389)
Net (loss) earnings allocated to common shares	$	(207,279)	$	120,009	$	(1,412,970)	$	238,099

Weighted-average basic shares and unvested restricted
stock outstanding	120,275		120,022		120,257		119,810
Less: Weighted-average unvested restricted stock
outstanding	(2,020)		(2,460)		(2,163)		(2,354)
Weighted-average basic shares outstanding	118,255		117,562		118,094		117,456

Basic (loss) earnings per common share	$	(1.75)	$	1.02	$	(11.96)	$	2.03

Diluted Earnings Per Common Share:
Net (loss) earnings allocated to common shares	$	(207,279)	$	120,009	$	(1,412,970)	$	238,099

Weighted-average diluted shares outstanding	118,255		117,562		118,094		117,456

Diluted (loss) earnings per common share	$	(1.75)	$	1.02	$	(11.96)	$	2.03

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(1) Represents cash dividends paid to holders of unvested restricted stock, net of forfeitures, plus undistributed earnings amounts available to holders of unvested restricted stock, if any.

PACWEST BANCORP 10-Q