Earnings Per Share and Equity Transactions

9 Months Ended

Sep. 30, 2023

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 may occur from awards issued pursuant to stock-based compensation plans.

The following table reconciles the amounts used in calculating basic and diluted EPS:


	Three months ended September 30				Nine months ended September 30
	2023		2022		2023		2022
Numerator:
Net (loss) income attributed to common shares	$	(822)	$	936	$	2,379	$	52,358
Earnings allocated to unvested restricted shares	—		—		—		(63)
Net (loss) income attributed to common shares - basic and diluted	(822)		936		2,379		52,295

Denominator:
Weighted average common shares outstanding - basic	67,531,335		67,427,571		67,521,110		67,398,713
Dilutive effect of unvested restricted shares (a) (b)	—		119,688		199,375		159,602
Weighted average common shares outstanding - diluted	67,531,335		67,547,259		67,720,485		67,558,315

Basic and diluted earnings per common share:
Net (loss) income per common share - basic	$	(0.01)	$	0.01	$	0.04	$	0.78
Net (loss) income per common share - diluted	$	(0.01)	$	0.01	$	0.04	$	0.77

(a)For the three months ended September 30, 2023, the Company has excluded the anti-dilutive effect of stock-based compensation arrangements.

(b)For the nine months ended September 30, 2023, the Company has excluded the anti-dilutive effect of market-based awards granted in 2023.

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 September 30, 2023, the Company has not sold any common stock under the ATM Program.

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. As of September 30, 2023, the Company has not repurchased any common stock under the SRP.