Earnings Per Share

12 Months Ended

Dec. 31, 2023

9. Earnings Per Share

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


(in thousands, except per share data)	Year Ended December 31,
	2023		2022		2021
Numerator
Net increase (decrease) in net assets resulting from operations	$	337,484	$	102,081	$	174,155
Less: Total distributions declared	(278,301)		(249,077)		(179,575)
Total Earnings, net of total distributions	59,183		(146,996)		(5,420)

Earnings, net of distributions attributable to common shares	58,593		(146,995)		(5,420)
Add: Distributions declared attributable to common shares	275,548		246,873		177,864
Numerator for basic and diluted change in net assets per common share	$	334,141	$	99,878	$	172,444

Denominator
Basic weighted average common shares outstanding	144,091		125,189		114,742
Incremental shares from assumed conversion of 2022 Convertible Notes	—		—		512
Common shares issuable	735		1,470		701
Weighted average common shares outstanding assuming dilution	144,826		126,659		115,955

Change in net assets per common share:
Basic	$	2.32	$	0.80	$	1.50
Diluted	$	2.31	$	0.79	$	1.49

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. Diluted EPS was computed using the if-converted method as it was determined to be the most dilutive method.

The calculation of change in net assets resulting from operations per common share—assuming dilution, excludes all anti-dilutive shares. For the years ended December 31, 2023, 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:


	Year Ended December 31,
Anti-dilutive Securities	2023	2022	2021
Unvested common stock options	1,496	2,085	690
Restricted stock units*	4,357	—	20

Unvested restricted stock awards	30,028	2,116	861

*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 December 31, 2023 and 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.