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EARNINGS PER SHARE | 6 Months Ended
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Jun. 30, 2025
Earnings Per Share [Abstract] |
EARNINGS PER SHARE | EARNINGS PER SHARE The Company’s Series A Preferred Stock is classified as a participating security in accordance with ASC Topic 260, Earnings per Share (“EPS”). 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. The Series A Preferred Stock is not contractually obligated to share in losses. Under the two-class method, for diluted EPS, net income is reallocated to 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. Shares of common stock issuable under performance stock units ("PSUs") were excluded from the dilutive EPS calculation as the related target goals had not been met as of the reporting period end date.
| Three Months Ended June 30, |  | Six Months Ended June 30, |  |
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Numerator: |  |  |  |  |  |  |  |  |
Net income | $ | 99,855 |  |  | $ | 79,783 |  |  | $ | 144,274 |  |  | $ | 157,594 |  |  |
Dividends on Series A convertible preferred stock | (6,851) |  |  | (6,838) |  |  | (13,632) |  |  | (13,675) |  |  |
Income allocated to participating preferred stock | (7,314) |  |  | (6,289) |  |  | (10,703) |  |  | (12,417) |  |  |
Net income attributable to common stockholders | $ | 85,690 |  |  | $ | 66,656 |  |  | $ | 119,939 |  |  | $ | 131,502 |  |  |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |
Allocation of earnings to participating securities | $ | 7,314 |  |  | $ | 6,289 |  |  | $ | 10,703 |  |  | $ | 12,417 |  |  |
Reallocation of earnings to participating securities | (7,250) |  |  | (6,181) |  |  | (10,615) |  |  | (12,197) |  |  |
Net income available to common stockholders after assumed conversions | $ | 85,754 |  |  | $ | 66,764 |  |  | $ | 120,027 |  |  | $ | 131,722 |  |  |
Denominator: |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding, basic | 257,750 |  |  | 233,197 |  |  | 246,536 |  |  | 232,979 |  |  |
Dilutive shares of common stock | 2,461 |  |  | 4,398 |  |  | 2,221 |  |  | 4,590 |  |  |
Weighted average shares of common stock outstanding, diluted | 260,211 |  |  | 237,595 |  |  | 248,757 |  |  | 237,569 |  |  |
Earnings per share: |  |  |  |  |  |  |  |  |
Basic | $ | 0.33 |  |  | $ | 0.29 |  |  | $ | 0.49 |  |  | $ | 0.56 |  |  |
Diluted | $ | 0.33 |  |  | $ | 0.28 |  |  | $ | 0.48 |  |  | $ | 0.55 |  |  |
For each of the three and six months ended June 30, 2025 and 2024, approximately 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.

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