Quarterly report pursuant to Section 13 or 15(d)

Earnings per Share

v3.23.2
Earnings per Share
6 Months Ended
Jun. 30, 2023
Earnings Per Share [Abstract]  
Earnings Per Share

9. Earnings per Share

The following table sets forth the computation of basic and diluted net income per share of common stock:

 

 

 

For the Three Months
Ended June 30,

 

 

For the Six Months
Ended June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

Net income available to common stockholders

 

$

12,997

 

 

$

30,320

 

 

$

8,999

 

 

$

31,141

 

Dividends on redeemable preferred stock

 

 

 

 

 

1,434

 

 

 

 

 

 

 

Net income available to common stockholders after assumed
  conversions

 

$

12,997

 

 

$

31,754

 

 

$

8,999

 

 

$

31,141

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding — Basic

 

 

119,893

 

 

 

121,529

 

 

 

120,073

 

 

 

122,909

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

  Restricted share units

 

 

1,387

 

 

 

668

 

 

 

694

 

 

 

336

 

  Redeemable preferred stock

 

 

 

 

 

8,361

 

 

 

 

 

 

 

Weighted average common shares outstanding — Diluted

 

 

121,280

 

 

 

130,558

 

 

 

120,767

 

 

 

123,245

 

Net income per share available to common stockholders
   — Basic

 

$

0.11

 

 

$

0.25

 

 

$

0.07

 

 

$

0.25

 

Net income per share available to common stockholders
   — Diluted

 

$

0.11

 

 

$

0.24

 

 

$

0.07

 

 

$

0.25

 

 

The following potential shares of common stock have been excluded from the computation of diluted net income per share because their effect would have been antidilutive:

 

 

 

As of June 30,

 

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

Stock options

 

 

1,306

 

 

 

897

 

Ares warrants

 

 

1,100

 

 

 

1,100

 

Public and Private warrants

 

 

17,333

 

 

 

17,333

 

Series A redeemable preferred stock

 

 

8,439

 

 

 

 

Ares Put Option

 

*

 

 

*

 

 

* Refer to the description of this instrument in Note 10.

 

The effect of the potential shares of common stock issuable upon conversion of the redeemable preferred stock was antidilutive for the three months ended June 30, 2023 and the six months ended June 30, 2023 and 2022, and such shares were excluded from the computation of diluted net income per share.