Earnings Per Share and Equity Transactions

12 Months Ended

Dec. 31, 2022

Earnings Per Share and Equity Transactions

Basic earnings per share ("EPS") is computed by dividing net income or loss attributed to common shares by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from awards issued pursuant to the Incentive Award Plan.

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


	Year ended December 31,
	2022		2021		2020
Numerator:
Net income (loss) attributed to common shares	$	52,233	$	(5,360)	$	(10,174)
Earnings allocated to unvested restricted shares	—		—		—
Net income (loss) attributed to common shares - basic and diluted	$	52,233	$	(5,360)	$	(10,174)

Denominator:
Weighted average common shares outstanding - basic	67,406,233		71,072,933		72,040,623
Dilutive effect of unvested restricted shares (a)	119,702		—		—
Weighted average common shares outstanding - diluted	67,525,935		71,072,933		72,040,623

Basic and diluted earnings per common share:
Net income (loss) per common share - basic	$	0.77	$	(0.08)	$	(0.14)
Net income (loss) per common share - diluted	$	0.77	$	(0.08)	$	(0.14)

(a)For the years ended December 31, 2021 and 2020, the Company has excluded the anti-dilutive effect of unvested restricted shares.

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 December 31, 2022, the Company has not sold any common stock under the ATM Program.

Share Repurchase Programs

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. As of December 31, 2022, the Company has not repurchased any common stock under the SRP.

During the year ended December 31, 2021, the Company repurchased 755,643 shares of the Company's outstanding common stock at a price per share of $21.70, reflecting a 25% discount to an estimated Net Asset Value ("NAV") per share of $28.90 as of December 1, 2020 established by the Company's board of directors (the "Board").

Reverse Stock Split

On August 5, 2021, the Company effected a 1-for-10 reverse stock split of its common stock, reducing the number of shares of common stock outstanding from 712,090,283 to 71,261,403 shares on that date. Fractional shares resulted in the issuance of an additional 52,375 shares, which have been included in the total issued and outstanding shares for all periods presented. See "Note 1. Organization" for more information concerning the reverse stock split.