Earnings Per Share

12 Months Ended

Dec. 31, 2024

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,
	2024		2023		2022
Numerator
Net increase (decrease) in net assets resulting from operations	$	262,966	$	337,484	$	102,081
Less: Total distributions declared	(312,244)		(278,301)		(249,077)
Total Earnings (loss), net of total distributions	(49,278)		59,183		(146,996)

Earnings (loss), net of distributions attributable to common shares	(49,278)		58,593		(146,995)
Add: Distributions declared attributable to common shares	309,413		275,548		246,873
Numerator for basic and diluted change in net assets per common share	$	260,135	$	334,141	$	99,878

Denominator
Basic weighted average common shares outstanding	161,082		144,091		125,189

Common shares issuable	517		735		1,470
Weighted average common shares outstanding assuming dilution	161,599		144,826		126,659

Change in net assets per common share:
Basic	$	1.61	$	2.32	$	0.80
Diluted	$	1.61	$	2.31	$	0.79

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 years ended December 31, 2024, 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:


	Year Ended December 31,
Anti-dilutive Securities	2024	2023	2022
Unvested common stock options	1,105	1,496	2,085
Restricted stock units	—	4,357	—

Unvested restricted stock awards	298	30,028	2,116

As of December 31, 2024 and 2023, the Company was authorized to issue 300.0 million and 200.0 million shares, respectively, of common stock with a par value of $0.001. Each share of common stock entitles the holder to one vote.