EARNINGS PER SHARE

6 Months Ended

Jun. 30, 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 potentially dilutive common shares outstanding. These potentially 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 potentially 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 June 30,				For The Six Months Ended June 30,
	2024		2023		2024		2023
Numerator:
Net income	$	79,783	$	51,509	$	157,594	$	92,736
Dividends on Series A convertible preferred stock	(6,838)		(6,856)		(13,675)		(13,637)
Income allocated to participating preferred stock	(6,289)		(3,890)		(12,417)		(6,898)
Net income attributable to common stockholders	$	66,656	$	40,763	$	131,502	$	72,201

Effect of dilutive securities:
Allocation of earnings to participating securities	$	6,289	$	3,890	$	12,417	$	6,898
Reallocation of earnings to participating securities	(6,181)		(3,795)		(12,197)		(6,727)
Net income available to common stockholders after assumed conversions	$	66,764	$	40,858	$	131,722	$	72,372

Denominator:
Weighted average basic common shares outstanding	233,197		230,535		232,979		230,277
Dilutive effect of common shares	4,398		6,297		4,590		6,300
Weighted average diluted common shares outstanding	237,595		236,832		237,569		236,577

Earnings per share:
Basic	$	0.29	$	0.18	$	0.56	$	0.31
Dilutive	$	0.28	$	0.17	$	0.55	$	0.31

For each of the three and six months ended June 30, 2024 and June 30, 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.