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Stockholders' Equity (Tables) | 6 Months Ended
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Jun. 30, 2023
Equity [Abstract] |
Schedule of Reconciliation of Common Stock Outstanding | The following table provides a reconciliation of the beginning and ending shares of common stock outstanding for the six months ended June 30, 2023 and the twelve months ended December 31, 2022:
| SIX MONTHS ENDED JUNE 30, 2023 | TWELVE MONTHS ENDED DECEMBER 31, 2022
Balance, beginning of period | 380,589,894 |  | 150,457,433 |
Issuance of common stock | 4,817 |  | 229,618,304 |
Non-vested share-based awards, net of withheld shares | 262,821 |  | 514,157 |
Balance, end of period | 380,857,532 |  | 380,589,894 |
Schedule of Earnings (Loss) per Share | The following table sets forth the computation of basic and diluted earnings per common share for the three and six months ended June 30, 2023 and 2022.
| THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30,
Dollars in thousands, except per share data | 2023 | 2022 | 2023 | 2022
Weighted average common shares outstanding |  |  |  |
Weighted average common shares outstanding | 380,829,011 |  | 151,620,897 |  | 380,812,981 |  | 151,230,064 |
Non-vested shares | (1,932,334) |  | (1,945,042) |  | (1,952,350) |  | (1,908,652) |
Weighted average common shares outstanding - basic | 378,896,677 |  | 149,675,855 |  | 378,860,631 |  | 149,321,412 |
Weighted average common shares outstanding - basic | 378,896,677 |  | 149,675,855 |  | 378,860,631 |  | 149,321,412 |
Dilutive effect of employee stock purchase plan | — |  | 62,694 |  | — |  | 75,394 |
Weighted average common shares outstanding - diluted | 378,896,677 |  | 149,738,549 |  | 378,860,631 |  | 149,396,806 |
Net (loss) income attributable to common stockholders | $ | (82,759) |  | $ | 6,130 |  | $ | (169,884) |  | $ | 48,357 |
Dividends paid on nonvested share-based awards | (588) |  | (601) |  | (1,193) |  | (1,207) |
Net (loss) income applicable to common stockholders - basic | $ | (83,347) |  | $ | 5,529 |  | $ | (171,077) |  | $ | 47,150 |
Basic earnings per common share - net income | $ | (0.22) |  | $ | 0.04 |  | $ | (0.45) |  | $ | 0.32 |
Diluted earnings per common share - net income | $ | (0.22) |  | $ | 0.04 |  | $ | (0.45) |  | $ | 0.32 |
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 and six months ended June 30, 2023 and 2022 is included in the table below.
| THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30,
| 2023 | 2022 | 2023 | 2022
Share-based awards, beginning of period | 1,955,445 |  | 1,951,551 |  | 1,795,128 |  | 1,562,028 |
Granted | 43,276 |  | 26,840 |  | 325,816 |  | 442,024 |
Vested | (62,640) |  | (36,682) |  | (164,360) |  | (61,047) |
Forfeited | (3,860) |  | — |  | (24,363) |  | (1,296) |
Share-based awards, end of period | 1,932,221 |  | 1,941,709 |  | 1,932,221 |  | 1,941,709 |
The following is a summary of the RSU activity during the three and six months ended June 30, 2023:
| THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30,
| Restricted Stock Units | Weighted Average Grant Date Fair Value | Restricted Stock Units | Weighted Average Grant Date Fair Value
Non-vested, beginning of period | 363,250 |  | $ | 28.57 |  | 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 |  | 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 and six months ended June 30, 2023 and 2022 is included in the table below.
| THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30,
| 2023 | 2022 | 2023 | 2022
Outstanding and exercisable, beginning of period | 183,426 |  | 427,802 |  | 340,976 |  | 348,514 |
Granted | — |  | — |  | — |  | 255,960 |
Exercised | (1,687) |  | (1,965) |  | (4,817) |  | (12,518) |
Forfeited | (2,370) |  | (20,303) |  | (23,791) |  | (45,789) |
Expired | — |  | — |  | (132,999) |  | (140,633) |
Outstanding and exercisable, end of period | 179,369 |  | 405,534 |  | 179,369 |  | 405,534 |
Schedule of Unrecognized Compensation Cost, Nonvested Awards | The following table represents expected amortization of the Company's non-vested shares issued as of June 30, 2023:
Dollars in millions | FUTURE AMORTIZATION of non-vested shares
2023 | $ | 7.7 |
2024 | 13.3 |
2025 | 10.8 |
2026 | 8.0 |
2027 | 2.4 |
2028 and thereafter | 0.5 |
Total | $ | 42.7 |

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