Earnings Per Share

9 Months Ended

Sep. 30, 2023

Shares used in the computation of the Company’s basic and diluted earnings per share are as follows:


(in thousands, except per share data)	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Numerator
Net increase (decrease) in net assets resulting from operations	$	27,967	$	53,202	$	217,306	$	39,548
Less: Total distributions declared	(72,534)		(63,950)		(204,687)		(181,825)
Total Earnings (loss), net of total distributions	(44,567)		(10,748)		12,619		(142,277)

Earnings (loss), net of distributions attributable to common shares	(44,567)		(10,748)		12,486		(142,277)
Add: Distributions declared attributable to common shares	71,860		63,421		202,556		180,114
Numerator for basic and diluted change in net assets per common share	$	27,293	$	52,673	$	215,042	$	37,837

Denominator
Basic weighted average common shares outstanding	146,899		127,484		141,223		123,379
Common shares issuable	211		1,850		903		1,388
Weighted average common shares outstanding assuming dilution	147,110		129,334		142,126		124,767

Change in net assets per common share:
Basic	$	0.19	$	0.41	$	1.52	$	0.31
Diluted	$	0.19	$	0.41	$	1.51	$	0.30

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.

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, 2023, and 2022, 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	2023	2022	2023	2022
Unvested common stock options	347	865	1,782	1,725
Restricted stock units	—	—	5,810	—
Unvested restricted stock awards	395	3,982	40,034	1,611

As of September 30, 2023 and December 31, 2022, 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.