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Earnings Per Share (Tables)

9 Months Ended

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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- References

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- Definition

Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

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- Definition

Tabular disclosure of the weighted average number of shares used in calculating basic net earnings per share (or unit) and diluted earnings per share (or unit).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

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