Earnings Per Share and Equity Transactions

6 Months Ended

Jun. 30, 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 and market-based performance awards.

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


	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Numerator:
Net income attributed to common shareholders	$	41,921	$	1,499	$	51,422	$	1,399
Earnings allocated to unvested restricted shares	(171)		—		(138)		—
Net income attributed to common shareholders - basic and diluted	41,750		1,499		51,284		1,399

Denominator:
Weighted average common shares outstanding - basic	67,413,049		71,943,542		67,384,044		71,970,945
Dilutive effect of unvested restricted shares	137,797		92,804		193,480		53,528
Weighted average common shares outstanding - diluted	67,550,846		72,036,346		67,577,524		72,024,473

Basic and diluted earnings per common share:
Net income per common share, basic and diluted	$	0.62	$	0.02	$	0.76	$	0.02

Share Repurchase Program

On February 23, 2022, the Company established a 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 June 30, 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. As of June 30, 2022, the Company has not sold any common stock under the ATM Program.