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Earnings Per Share
 9 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
Earnings Per Share

19. 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 

Diluted earnings 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. There were no antidilutive non-participating common stock equivalents for the three months ended September 30, 2023. Total antidilutive non-participating common stock equivalents were 2 for the nine months ended September 30, 2023 and 483 and 410, respectively, during the comparable periods in 2022 (shares herein are reported in thousands).

There were 627 potential common shares associated with the conversion options embedded in the 2020 Notes included in weighted average diluted shares for the nine months ended September 30, 2023. Potential common shares associated with the conversion option embedded in the 2021 Notes and 2023 Notes were excluded from the computation for the three and nine months ended September 30, 2023 and 2022, as the Company’s average stock price during those respective periods was lower than the conversion price.

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