XML 37 R20.htm IDEA: XBRL DOCUMENT v3.22.4
EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
10. EARNINGS PER SHARE

The following information sets forth the computations of basic and diluted net increase in stockholders’ equity resulting from operations per share for the years ended December 31, 2022, 2021 and 2020:

 For the Years Ended December 31,
 202220212020
Net increase in stockholders’ equity resulting from operations—basic$600 $1,567 $484 
Adjustment for interest expense on 2024 Convertible Notes(1)17 — — 
Net increase in stockholders’ equity resulting from operations—diluted$617 $1,567 $484 
Weighted average shares of common stock outstanding—basic498 446 424 
Assumed conversion of 2024 Convertible Notes20 — — 
Weighted average shares of common stock outstanding—diluted518 446 424 
Net increase in stockholders’ equity resulting from operations per share—basic$1.21 $3.51 $1.14 
Net increase in stockholders’ equity resulting from operations per share—diluted$1.19 $3.51 $1.14 
________________________________________

(1)    Includes the impact of income based fees.

Subsequent to the adoption of ASU 2020-06 on January 1, 2022, for the purpose of calculating diluted net increase in stockholders’ equity resulting from operations per share for the year ended December 31, 2022, the Company utilized the if-converted method which assumes full share settlement for the aggregate value of the 2024 Convertible Notes. Under the allowed modified retrospective method, diluted net increase in stockholders’ equity resulting from operations per share for prior periods were not restated to reflect the impact of ASU 2020-06. Prior to the adoption of ASU 2020-06, for the purpose of calculating diluted net increase in stockholders’ equity resulting from operations per share, the average closing price of the Company’s common stock for the year ended December 31, 2021 was more than the conversion price for the 2022 Convertible Notes outstanding as of December 31, 2021. For the year ended December 31, 2021, the average closing price of the Company’s common stock was less than the conversion price for the 2024 Convertible Notes outstanding as of December 31, 2021. For the year ended December 31, 2020, the average closing price of the Company’s common stock was less than the conversion price for all of the Convertible Unsecured Notes outstanding as of December 31, 2020. Therefore, the underlying shares for the intrinsic value of the embedded options in the Convertible Unsecured Notes outstanding during the year ended December 31, 2021 and 2020 had no impact on the computation of diluted net increase in stockholders’ equity resulting from operations per share.