EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2024

The Company’s Series A Preferred Stock is classified as a participating security in accordance with ASC 260. Net income allocated to the holders of Series A Preferred Stock is based on the Series A stockholders’ proportionate share of weighted average shares of common stock outstanding on an if-converted basis.

For purposes of determining diluted earnings per common share, basic earnings per common share was adjusted to include the effect of potential dilutive common shares outstanding. These potential dilutive shares include unvested restricted stock and performance-based stock units. The more dilutive of the two-class method or the treasury method is used for this adjustment. Additionally, Series A Preferred Stock is included using the if-converted method.

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


	For The Three Months Ended March 31,
	2024		2023
Numerator:
Net income	$	77,811	$	41,227
Dividends on Series A preferred shares	(6,837)		(6,781)
Income allocated to participating preferred shares	(6,128)		(2,934)
Net income attributable to common stockholders	$	64,846	$	31,512

Effect of dilutive securities:
Allocation of earnings to participating securities	$	6,128	$	2,934
Reallocation of earnings to participating securities	(6,016)		(2,941)
Numerator for Diluted EPS - Income available to common stockholders after assumed conversions	$	64,958	$	31,505

Denominator:
Weighted average basic common shares outstanding	232,780		230,019
Dilutive effect of common shares	4,743		6,258
Weighted average diluted common shares outstanding	237,523		236,277

Earnings per share:
Basic	$	0.28	$	0.14
Dilutive	$	0.27	$	0.13

For both the three months ended March 31, 2024 and March 31, 2023, 22.0 million potentially dilutive securities were excluded from the computation of diluted earnings per share related to common stockholders, as their effect was antidilutive.