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Stockholders' Equity (Tables) | 3 Months Ended
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Mar. 31, 2023
Equity [Abstract] |
Reconciliation of common stock outstanding | The following table provides a reconciliation of the beginning and ending shares of common stock outstanding for the three months ended March 31, 2023 and the twelve months ended December 31, 2022:
| THREE MONTHS ENDED MARCH 31, 2023 | TWELVE MONTHS ENDED DECEMBER 31, 2022
Balance, beginning of period | 380,589,894 |  | 150,457,433 |
Issuance of common stock | 3,130 |  | 229,618,304 |
Non-vested share-based awards, net of withheld shares | 223,405 |  | 514,157 |
Balance, end of period | 380,816,429 |  | 380,589,894 |
Earnings (loss) per share | The following table sets forth the computation of basic and diluted earnings per common share for the three months ended March 31, 2023 and 2022.
| THREE MONTHS ENDED MARCH 31, |
Dollars in thousands, except per share data | 2023 | 2022 |  |
Weighted average common shares outstanding |  |  |  |
Weighted average common shares outstanding | 380,796,773 |  | 150,834,888 |  |  |
Non-vested shares | (1,956,353) |  | (1,871,858) |  |  |
Weighted average common shares outstanding - basic | 378,840,420 |  | 148,963,030 |  |  |
Weighted average common shares outstanding - basic | 378,840,420 |  | 148,963,030 |  |  |
Dilutive effect of employee stock purchase plan | — |  | 88,234 |  |  |
Weighted average common shares outstanding - diluted | 378,840,420 |  | 149,051,264 |  |  |
Net (loss) income attributable to common stockholders | $ | (87,125) |  | $ | 42,227 |  |  |
Dividends paid on nonvested share-based awards | (605) |  | (605) |  |  |
Net (loss) income applicable to common stockholders - basic | $ | (87,730) |  | $ | 41,622 |  |  |
Basic earnings per common share - net income | $ | (0.23) |  | $ | 0.28 |  |  |
Diluted earnings per common share - net income | $ | (0.23) |  | $ | 0.28 |  |  |
Summary of the activity under the incentive plan and restricted stock unit | A summary of the activity under the Company's share-based incentive plans for the three months ended March 31, 2023 and 2022 is included in the table below.
| THREE MONTHS ENDED MARCH 31, |
| 2023 | 2022 |  |
Share-based awards, beginning of period | 1,795,128 |  | 1,562,028 |  |  |
Granted | 282,540 |  | 415,184 |  |  |
Vested | (101,720) |  | (24,365) |  |  |
Forfeited | (20,503) |  | (1,296) |  |  |
Share-based awards, end of period | 1,955,445 |  | 1,951,551 |  |  |
The following is a summary of the RSU activity during the three months ended March 31, 2023:
| Restricted Stock Units | Weighted Average Grant Date Fair Value |  |
Non-vested, beginning of period | 294,932 |  | $ | 33.04 |  |  |
Granted | 165,174 |  | 22.55 |  |  |
Vested/Forfeited | (17,606) |  | 33.04 |  |  |
Probability adjustment of 2022 RSUs | (79,250) |  | 31.68 |  |  |
Non-vested, end of period | 363,250 |  | $ | 28.57 |  |  |
Schedule of stock options, valuation assumptions |
|  | THREE MONTHS ENDED MARCH 31,
Volatility |  |  | 34.0 | %
Dividend assumption |  |  | Accrued
Expected term |  |  | 3 years
Risk-free rate |  |  | 4.42 | %
Stock price (per share) |  |  | $20.21
|  | THREE MONTHS ENDED MARCH 31,
Volatility |  |  | 34.0 | %
Dividend assumption |  |  | Accrued
Expected term |  |  | 3 years
Risk-free rate |  |  | 4.42 | %
Stock price (per share) |  |  | $20.21
Summary of employee stock purchase plan activity | A summary of the activity under the ESPP for the three months ended March 31, 2023 and 2022 is included in the table below.
| THREE MONTHS ENDED MARCH 31, |
| 2023 | 2022 |  |
Outstanding and exercisable, beginning of period | 340,976 |  | 348,514 |  |  |
Granted | — |  | 255,960 |  |  |
Exercised | (3,130) |  | (10,553) |  |  |
Forfeited | (21,421) |  | (25,486) |  |  |
Expired | (132,999) |  | (140,633) |  |  |
Outstanding and exercisable, end of period | 183,426 |  | 427,802 |  |  |
Schedule of unrecognized compensation cost, nonvested awards | The following table represents expected amortization of the Company's non-vested shares issued as of March 31, 2023:
Dollars in millions | FUTURE AMORTIZATION of non-vested shares
2023 | $ | 10.5 |
2024 | 12.5 |
2025 | 10.8 |
2026 | 8.1 |
2027 | 2.4 |
2028 and thereafter | 0.5 |
Total | $ | 44.8 |

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