Earnings Per Share and Equity Transactions

3 Months Ended

Mar. 31, 2022

Earnings Per Share and Equity Transactions

Basic earnings per share ("EPS") is computed using the two-class method by dividing net income or loss by the weighted average number of common shares outstanding for the period (the "common shares") and participating securities. The time-based restricted share awards issued pursuant to the Incentive Award Plan are deemed to be participating securities. Diluted EPS is generally computed using the treasury-stock method by dividing net income or loss by the common shares plus potential common shares resulting from time-based restricted share awards.

The following table reconciles the amounts used in calculating basic and diluted earnings per share:


	Three months ended March 31,
	2022		2021
Numerator:
Net income (loss) attributed to common shareholders	$	9,501	$	(100)

Denominator:
Weighted average common shares outstanding - basic	67,354,717		71,998,654
Dilutive effect of unvested restricted shares (a)	221,321		—
Weighted average common shares outstanding - diluted	67,576,038		71,998,654

Basic and diluted earnings per common share:
Net income (loss) per common share, basic and diluted	$	0.14	$	—

(a)For the three months ended March 31, 2021, the Company has excluded the anti-dilutive effect of unvested restricted shares.

Share Repurchase Program

On February 23, 2022, the Company established a new share repurchase program (the "SRP") of up to $150.0 million of the Company's outstanding shares of common stock. The SRP may be suspended or discontinued at any time, and does not obligate the Company to repurchase any dollar amount or particular amount of shares. The SRP replaced the Company's prior share repurchase program (the "Prior SRP"), which the Board previously suspended effective September 5, 2021. As of March 31, 2022, the Company has not repurchased any common stock under the SRP.

ATM Program

On March 7, 2022, the Company established an at-the-market equity offering program (the "ATM Program") through which the Company may sell from time to time up to an aggregate of $250.0 million of its common stock. In connection with the ATM Program, the Company may sell shares of its common stock to or through sales agents, or may enter into separate forward sale agreements with one of the agents, or one of their respective affiliates, as a forward purchaser. When the Company enters into a forward sale agreement, it expects that the forward purchaser will attempt to borrow from third parties and sell, through a forward seller, shares of its common stock to hedge the forward purchaser's exposure under the forward sale agreement. As of March 31, 2022, the Company has not sold any common stock under the ATM Program.