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Earnings Per Share | 9 Months Ended
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Sep. 30, 2022
Earnings Per Share [Abstract] |
Earnings Per Share | 9. Earnings Per Share Shares used in the computation of the Company’s basic and diluted earnings per share are as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(in thousands, except per share data) |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Numerator |  |  |  |  |  |  |  |  |  |  |  |
Net increase in net assets resulting from operations |  | $ | 53,202 |  |  | $ | 23,549 |  |  | $ | 39,548 |  |  | $ | 170,443 |
Less: Distributions declared-common and restricted shares |  |  | (63,950 | ) |  |  | (45,190 | ) |  |  | (181,825 | ) |  |  | (133,143 | )
(Over-)Undistributed earnings (loss) |  |  | (10,748 | ) |  |  | (21,641 | ) |  |  | (142,277 | ) |  |  | 37,300 |
Undistributed earnings-common shares |  |  | (10,748 | ) |  |  | (21,641 | ) |  |  | (142,277 | ) |  |  | 36,931 |
Add: Distributions declared-common shares |  |  | 63,421 |  |  |  | 44,770 |  |  |  | 180,114 |  |  |  | 131,829 |
Numerator for basic and diluted change in net assets per common share |  | $ | 52,673 |  |  | $ | 23,129 |  |  | $ | 37,837 |  |  | $ | 168,760 |
Denominator |  |  |  |  |  |  |  |  |  |  |  |
Basic weighted average common shares outstanding |  |  | 127,484 |  |  |  | 114,805 |  |  |  | 123,379 |  |  |  | 114,590 |
Incremental shares from assumed conversion of 2022 Convertible Notes |  |  | — |  |  |  | 661 |  |  |  | — |  |  |  | 293 |
Common shares issuable |  |  | 1,850 |  |  |  | 773 |  |  |  | 1,388 |  |  |  | 667 |
Weighted average common shares outstanding assuming dilution |  |  | 129,334 |  |  |  | 116,239 |  |  |  | 124,767 |  |  |  | 115,550 |
Change in net assets per common share |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.41 |  |  | $ | 0.20 |  |  | $ | 0.31 |  |  | $ | 1.47 |
Diluted |  | $ | 0.41 |  |  | $ | 0.20 |  |  | $ | 0.30 |  |  | $ | 1.46 |
In the table above, unvested share-based payment awards that have non-forfeitable rights to distributions or distribution equivalents are treated as participating securities for calculating earnings per share. Unvested common stock options and restricted stock units are also considered for the purpose of calculating diluted earnings per share. As disclosed in “Note 5 – Debt”, on February 1, 2022, the Company fully repaid the 2022 Convertible Notes. As these notes were fully repaid, there is no dilutive impact for the current period ended September 30, 2022. In July 2021, the Company irrevocably elected combination settlement for the 2022 Convertible Notes. Therefore the dilutive impact of the 2022 Convertible Notes, was calculated for only the portion expected to be settled in stock as it relates to the diluted shares outstanding for the three and nine months ended September 30, 2021. The calculation of change in net assets resulting from operations per common share assuming dilution, excludes all anti-dilutive shares. For the three and nine months ended September 30, 2022, and 2021, the number of anti-dilutive shares, as calculated based on the weighted average closing price of the Company’s common stock for the periods, are as follows:
|  | Three months ended September 30, |  |  | Nine Months Ended September 30, |
Anti-dilutive Securities |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
2022 Convertible Notes |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Unvested common stock options |  |  | 865 |  |  |  | 198 |  |  |  | 1,725 |  |  |  | 88 |
Restricted stock units* |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Unvested restricted stock awards |  |  | 3,982 |  |  |  | 710 |  |  |  | 1,611 |  |  |  | 720 |
Performance awards* |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
*Included in these amounts are shares related to certain equity-based awards, which are fully-vested but have not been delivered and thus not outstanding for purposes of calculating earnings per share. As of both September 30, 2022 and December 31, 2021, the Company was authorized to issue 200.0 million shares of common stock with a par value of $0.001. Each share of common stock entitles the holder to one vote.

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