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Net Income Per Share | 12 Months Ended
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Dec. 31, 2022
Earnings Per Share [Abstract] |
Net Income (Loss) Per Share | NET INCOME PER COMMON SHARE Basic net income per share is calculated by dividing income allocable to common stockholders by the weighted average number of shares of common stock outstanding during the period. In calculating diluted net income per share, the number of shares is increased by the weighted average number of potential shares related to stock compensation awards. No dilutive effect is recognized in a period in which a net loss has occurred. On November 17, 2020, the Company completed the purchase of 62,854 shares of its outstanding Series B Senior Preferred Stock at a price per share of $954.59, less any applicable withholding taxes. (Refer to Note 15, Stockholders’ Equit y). The purchase price per share represented a 25% discount from the aggregate liquidation preference, including accrued but unpaid dividends, of $1,272.78 per share as of September 30, 2020. Since origination, the carrying value on the Consolidated Balance Sheet was $43.80 per share based on values assigned in the originating securities exchange. The liquidation amount at origination was $1,000.00 per share. The aggregate purchase price of approximately $60 million, less accrued but unpaid dividends attributable to the purchased and retired Series B Senior Preferred Stock, is considered for purposes of Net Income per Share to be a deemed dividend to the extent it exceeds the carrying value on the Consolidated Balance Sheet, or $41.9 million. On February 2, 2021, the Company completed the exchange of 3,873 shares of its outstanding Series B Senior Preferred Stock, par value $1.00 per share (“Preferred Stock”) for (i) 231,276 shares of Class A Common Stock and (ii) a warrant to purchase 250,000 shares of Class A Common Stock at an exercise price of $21.62 per share, for an aggregate valuation of approximately $7.5 million. The carrying value of the Series B Senior Preferred Stock on the Balance Sheet was $1.00 per share par value. The aggregate liquidation preference of the Series B Senior Preferred Stock, including accrued but unpaid dividends, was $1,291.04 per share as of December 31, 2020. On November 23, 2021, the Company completed the purchase of 36,867 shares of its outstanding Series B Senior Preferred Stock at a price per share of $1,145.20, less any applicable withholding taxes. The Company also completed the purchase of the remaining 980 shares of its outstanding Series B Senior Preferred Stock at a price per share of $1,149.99, less any applicable withholding taxes, on December 15, 2021 (Refer to Note 15, Stockholders’ Equity). The aggregate purchase price of both transactions was $43.3 million. The carrying value of the Series B Senior Preferred Stock on the Consolidated Balance Sheet was $1.00 per share par value. The aggregate valuation of all 2021 preferred stock transactions of approximately $50.8 million, less accrued but unpaid dividends attributable to the acquired and retired shares of Series B Senior Preferred Stock, is considered for purposes of Net Income per Share to be a deemed dividend in the aggregate amount equal to the amount by which it exceeds the carrying value of the Preferred Stock on the Consolidated Balance Sheet, or $37.6 million. On December 29, 2022, the Company amended and restated the warrant issued on February 2, 2021, to extend the term to February 5, 2024. The change in the fair value of the warrant is considered as a reduction to net income available to common stockholders for purposes of Net Income per Share. For further details, refer to Note 15, Stockholders’ Equity. The weighted average number of common and common equivalent shares and the calculation of basic and diluted income per common share are as follows:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Numerator (in millions): |  |  |  |  |
Net income | $ | 52.2 |  |  | $ | 175.0 |  |  | $ | 54.4 |
Warrant modification | 1.5 |  |  | — |  |  | — |
Preferred stock dividends - undeclared and cumulative | — |  |  | 2.1 |  |  | 6.7 |
Distributed earnings allocable to retired preferred shares | — |  |  | 37.6 |  |  | 41.9 |
Net income allocable to common stockholders | $ | 50.7 |  |  | $ | 135.3 |  |  | $ | 5.8 |
Denominator (in thousands): |  |  |  |  |
Average common shares outstanding - basic | 14,601 |  |  | 13,493 |  |  | 9,825 |
Potentially dilutive shares related to stock options and restricted stock units (a) | 387 |  |  | 386 |  |  | 298 |
Average common shares outstanding - diluted | 14,988 |  |  | 13,879 |  |  | 10,123 |
Net income per common share (in dollars): |  |  |  |  |
Basic | $ | 3.47 |  |  | $ | 10.03 |  |  | $ | 0.59 |
Diluted | $ | 3.38 |  |  | $ | 9.75 |  |  | $ | 0.57 |
There are no common stock equivalents excluded from the diluted calculation as a result of a net loss in the period or options outstanding and considered anti-dilutive as their exercise price exceeded the average share market price.

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