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Earnings Per Share (Tables) | 9 Months Ended
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Sep. 30, 2023
Earnings Per Share [Abstract] |
Schedule of Reconciliation of Basic and Diluted Earnings Per Share | The following tables set forth reconciliations of the basic and diluted earnings per share computations for the periods presented:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Basic Earnings per Share |  | 2023 |  | 2022 |  | 2023 |  | 2022
Net income |  | $ | 12,984 |  |  | $ | 81,229 |  |  | $ | 83,469 |  |  | $ | 78,973 |
Less: Income distributed to participating securities |  |  | (889 | ) |  |  | (546 | ) |  |  | (1,884 | ) |  |  | (1,644 | )
Less: Undistributed income allocable to participating securities |  |  | (1,309 | ) |  |  | (8,583 | ) |  |  | (9,619 | ) |  |  | (7,268 | )
Net income available to common stockholders—Basic EPS |  | $ | 10,786 |  |  | $ | 72,100 |  |  | $ | 71,966 |  |  | $ | 70,061 |
Weighted average common shares (in thousands) |  |  | 145,284 |  |  |  | 143,120 |  |  |  | 144,505 |  |  |  | 142,984 |
Basic earnings per share |  | $ | 0.07 |  |  | $ | 0.50 |  |  | $ | 0.50 |  |  | $ | 0.49 |
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Diluted Earnings per Share |  | 2023 |  | 2022 |  | 2023 |  | 2022
Net income available to common stockholders |  | $ | 10,786 |  |  | $ | 72,100 |  |  | $ | 71,966 |  |  | $ | 70,061 |
Add back: Undistributed income allocable to participating securities |  |  | 1,309 |  |  |  | 8,583 |  |  |  | 9,619 |  |  |  | 7,268 |
Less: Reallocation of undistributed income allocable to participating securities considered potentially dilutive |  |  | (1,286 | ) |  |  | (8,568 | ) |  |  | (9,446 | ) |  |  | (7,257 | )
Net income available to common stockholders—Diluted EPS |  | $ | 10,809 |  |  | $ | 72,115 |  |  | $ | 72,139 |  |  | $ | 70,072 |
Weighted Average Diluted Shares (in thousands): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares |  |  | 145,284 |  |  |  | 143,120 |  |  |  | 144,505 |  |  |  | 142,984 |
Dilutive effect of common stock equivalents, excluding participating securities |  |  | 3,148 |  |  |  | 287 |  |  |  | 3,067 |  |  |  | 261 |
Weighted average diluted shares, excluding participating securities (in thousands) |  |  | 148,432 |  |  |  | 143,407 |  |  |  | 147,572 |  |  |  | 143,245 |
Diluted earnings per share |  | $ | 0.07 |  |  | $ | 0.50 |  |  | $ | 0.49 |  |  | $ | 0.49 |
Schedule of Weighted Average Number of Shares | The following table reconciles weighted average diluted shares as reported on the Company’s Consolidated Statements of Operations for the three and nine months ended September 30, 2023 and 2022, 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:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Reconciliation of Weighted Average Diluted Shares (in thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Weighted average diluted shares as disclosed on the Consolidated Statements of Operations |  |  | 177,140 |  |  |  | 158,953 |  |  |  | 169,997 |  |  |  | 158,741 |
Less: Participating securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average shares of common stock issuable upon conversion of the Series A Preferred Stock (Note 11) |  |  | (14,750 | ) |  |  | (14,750 | ) |  |  | (14,750 | ) |  |  | (14,750 | )
Weighted average shares of common stock issuable upon conversion of the Series C Preferred Stock (Note 11) |  |  | (13,087 | ) |  |  | — |  |  |  | (6,903 | ) |  |  | — |
Potentially dilutive restricted stock awards |  |  | (871 | ) |  |  | (796 | ) |  |  | (772 | ) |  |  | (746 | )
Weighted average diluted shares used to calculate diluted earnings per share as disclosed in the table above |  |  | 148,432 |  |  |  | 143,407 |  |  |  | 147,572 |  |  |  | 143,245 |

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