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Stockholders' Equity (Tables)

3 Months Ended

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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