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EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Earnings Per Share, Basic and Diluted

Under the two-class method of calculating diluted earnings per share, net income is reallocated to common stock, the Series A Convertible Preferred Stock, and all dilutive securities based on the contractual participating rights of the security to share in the current earnings as if all of the earnings for the period had been distributed.


	For The Three Months Ended June 30,				For The Six Months Ended June 30,
	2023		2022		2023		2022
Numerator:
Net income	$	51,509	$	9,158	$	92,736	$	15,838
Less: dividends paid to Series A convertible preferred stockholders	(6,856)		—		(13,637)		—
Undistributed income	44,653		9,158		79,099		15,838
Income allocated to participating preferred shares	(3,796)		—		(6,727)		—
Net income attributable to common stockholders	$	40,857	$	9,158	$	72,372	$	15,838

Denominator:
Weighted average basic common shares outstanding	76,845		75,451		76,759		75,472
Dilutive effect of common shares	2,099		2,921		2,100		2,925
Weighted average diluted shares outstanding	78,944		78,372		78,859		78,397

Earnings per share:
Basic	$	0.53	$	0.12	$	0.94	$	0.21
Dilutive	$	0.52	$	0.12	$	0.92	$	0.20