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Net Income Per Share | 12 Months Ended
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Dec. 31, 2023
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 common shares related to stock compensation awards including restricted stock, stock options, stock appreciation rights and notional stock units, and the warrant. No dilutive effect is recognized in a period in which a net loss has occurred. 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 16, 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. On December 18, 2023, Kulayba LLC delivered a note of exercise with regard to all 250,000 shares issued under the warrant via a cashless exercise. The closing market price of a share of Class A Common Stock on the exercise date of the warrant was $53.61. Pursuant to the warrant, the exercise price was $21.62 per share. The cashless exercise resulted in the purchase of 149,179 Shares of Class A Common Stock by Kulayba LLC on December 18, 2023. For further detail, refer to Note 16, 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,
| 2023 |  | 2022 |  | 2021
Numerator (in millions): |  |  |  |  |
Net income | $ | 84.4 |  |  | $ | 52.2 |  |  | $ | 175.0 |
Warrant modification | — |  |  | 1.5 |  |  | — |
Preferred stock dividends - undeclared and cumulative | — |  |  | — |  |  | 2.1 |
Distributed earnings allocable to retired preferred shares | — |  |  | — |  |  | 37.6 |
Net income allocable to common stockholders | $ | 84.4 |  |  | $ | 50.7 |  |  | $ | 135.3 |
Denominator (in thousands): |  |  |  |  |
Average common shares outstanding - basic | 15,212 |  |  | 14,601 |  |  | 13,493 |
Potentially dilutive shares related to stock compensation awards and warrant | 289 |  |  | 387 |  |  | 386 |
Average common shares outstanding - diluted | 15,501 |  |  | 14,988 |  |  | 13,879 |
Net income per common share (in dollars): |  |  |  |  |
Basic | $ | 5.55 |  |  | $ | 3.47 |  |  | $ | 10.03 |
Diluted | $ | 5.44 |  |  | $ | 3.38 |  |  | $ | 9.75 |

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