Earnings Per Share and Equity Transactions

12 Months Ended

Dec. 31, 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 the stock-based compensation plans.

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


	Year ended December 31,
	2023		2022		2021
Numerator:
Net income (loss) attributed to common shares	$	5,269	$	52,233	$	(5,360)
Earnings allocated to unvested restricted shares	—		—		—
Net income (loss) attributed to common shares - basic and diluted	$	5,269	$	52,233	$	(5,360)

Denominator:
Weighted average common shares outstanding - basic	67,531,898		67,406,233		71,072,933
Dilutive effect of unvested restricted shares (a)	281,282		119,702		—
Weighted average common shares outstanding - diluted	67,813,180		67,525,935		71,072,933

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

(a)For the year ended December 31, 2021, unvested restricted shares were anti-dilutive.

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.

During the quarter ended December 31, 2023, the Company raised $5.4 million of net proceeds under the ATM Program, after $0.1 million in commissions, through the issuance of 208,040 shares of common stock at a weighted average price of $26.13 per share. As of December 31, 2023, $244.6 million of common stock remains available for issuance 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, 2023, 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.