XML 53 R30.htm IDEA: XBRL DOCUMENT v3.22.4
Earnings Per Share
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Earnings Per Share
21. Earnings Per Share
The following tables set forth reconciliations of the basic and diluted earnings/(loss) per share computations for the periods presented:
 
 
 
Years Ended December 31,
 
 
2022
 
2021
 
2020
Basic Earnings/(Loss) per Share
 
 
 
Net income/(loss)
   $ 50,684
 
 
 
 
 
   $ 49,797
 
 
 
 
   $ (35,655 )
 
 
 
 
Less: Income distributed to participating securities
     (2,186 )      (2,168 )      (2,216 ) 
Less: Undistributed income allocable to participating securities
     (3,528 )      (3,378 )      —    
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income/(loss) available to common stockholders—Basic EPS
   $ 44,970     $ 44,251     $ (37,871 ) 
Weighted average common shares (in thousands)
     143,020       143,847       148,682  
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic income/(loss) per share
   $ 0.31     $ 0.31     $ (0.25 ) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Years Ended December 31,
 
 
2022
 
2021
 
2020
Diluted Earnings/(Loss) per Share
 
 
 
Net income/(loss) available to common stockholders
  
 
$		 44,970    
 
$		 44,251    
 
$		 (37,871 ) 
Add back: Undistributed income allocable to participating securities
     3,528       3,378       —    
Less: Reallocation of undistributed income allocable to participating securities considered potentially dilutive
     (3,522 )      (3,353 )      —    
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income/(loss) available to common stockholders—Diluted EPS
  
 
$		 44,976    
 
$		 44,276    
 
$		 (37,871 ) 
 
 
 
 
 
 
 
 
 
 
 
 
 
       
Weighted Average Diluted Shares (in thousands):
                     
Weighted average common shares
     143,020       143,847       148,682  
Dilutive effect of common stock equivalents, excluding participating securities
     275       1,208       —    
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average diluted shares, excluding participating securities (in thousands)
     143,295       145,055       148,682  
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted income/(loss) per share
  
 
$		 0.31    
 
$		 0.31    
 
$		 (0.25 ) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted earnings /(loss) per share presented above is calculated using the
two-class
method as this method results in the lowest diluted earnings per share amount for common stock. Total antidilutive
non-participating
common stock equivalents were
405
,
132
and
315
during the years ended December 
31
,
2022
,
2021
and
2020
, respectively (shares herein are reported in thousands). During the year ended December 
31
,
2020
, there were
no
dilutive common stock equivalents as the Company reported a net loss for the period.
There were
no
potential common shares
 
associated with the conversion option embedded in the Convertible Notes
included in weighted average diluted shares for the year ended December 31, 2022 and 2020 as the Company’s average stock price was lower than the conversion price. Potential common shares associated with the conversion option embedded in the Convertible Notes for the year ended December 31, 2021 were 1,186 (shares herein are reported in thousands).
 
The following table reconciles weighted average diluted shares as reported on the Company’s Consolidated Statements of Operations for the years ended December 31, 2022, 2021 and 2020, which are determined pursuant to the treasury stock method, to the weighted average diluted shares used to calculate diluted earnings/(loss) per share as disclosed in the table above:
 
 
 
Years Ended December 31,
 
 
2022
 
2021
 
2020
Reconciliation of Weighted Average Diluted Shares (in thousands)
 
 
 
Weighted average diluted shares as disclosed on the Consolidated Statements of Operations
     
 
 
 
 
 
 
 
 
158,914
     
    
 
 
 
 
 
 
161,263
     
    
 
 
 
 
148,682
(1)
  
Less: Participating securities:
                         
Weighted average shares of common stock issuable upon conversion of the
 
Preferred
 
Shares
(Note 13)
      (14,750 )      (14,750 )      —  
 
Potentially dilutive restricted stock awards
      (869 )      (1,458 )      —  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average diluted shares used to calculate diluted earnings/(loss) per share
 
as disclosed
 
in
the
 
table above
      143,295       145,055       148,682
(1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
Excludes 15,122 participating securities for the year ended December 31, 2020 and 6 potentially dilutive common stock equivalents as the Company reported a net loss for the period (shares herein are reported in thousands).