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Earnings Per Share (Tables) | 12 Months Ended
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Dec. 31, 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:
|  | Years Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Basic Earnings per Share |  |  |  |  |  |
Net income |  | $ | 102,546 |  | $ | 50,684 |  | $ | 49,797
Add: Gain on repurchase of Series C Preferred Stock |  |  | 7,966 |  |  | — |  |  | —
Less: Income distributed to participating securities |  |  | (2,770) |  |  | (2,186) |  |  | (2,168)
Less: Undistributed income allocable to participating securities |  |  | (12,680) |  |  | (3,528) |  |  | (3,378)
Net income available to common stockholders—Basic EPS |  | $ | 95,062 |  | $ | 44,970 |  | $ | 44,251
Weighted average common shares (in thousands) |  |  | 144,707 |  |  | 143,020 |  |  | 143,847
Basic earnings per share |  | $ | 0.66 |  | $ | 0.31 |  | $ | 0.31
|  | Years Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Diluted Earnings per Share |  |  |  |  |  |
Net income available to common stockholders |  | $ | 95,062 |  | $ | 44,970 |  | $ | 44,251
Add back: Undistributed income allocable to participating securities |  |  | 12,680 |  |  | 3,528 |  |  | 3,378
Less: Reallocation of undistributed income allocable to participating securities considered potentially dilutive |  |  | (12,449) |  |  | (3,522) |  |  | (3,353)
Net income available to common stockholders—Diluted EPS |  | $ | 95,293 |  | $ | 44,976 |  | $ | 44,276
Weighted Average Diluted Shares (in thousands): |  |  |  |  |  |  |  |  |
Weighted average common shares |  |  | 144,707 |  |  | 143,020 |  |  | 143,847
Dilutive effect of common stock equivalents, excluding participating securities |  |  | 3,120 |  |  | 275 |  |  | 1,208
Weighted average diluted shares, excluding participating securities (in thousands) |  |  | 147,827 |  |  | 143,295 |  |  | 145,055
Diluted earnings per share |  | $ | 0.64 |  | $ | 0.31 |  | $ | 0.31
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 years ended December 31, 2023, 2022 and 2021, which are determined pursuant to the treasury stock method, to the weighted average diluted shares used to calculate diluted earnings per share as disclosed in the table above:
|  | Years Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Reconciliation of Weighted Average Diluted Shares (in thousands) |  |  |  |  |  |
Weighted average diluted shares as disclosed on the Consolidated Statements of Operations |  | 170,413 |  | 158,914 |  | 161,263
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)
Weighted average shares of common stock issuable upon conversion of the Series C Preferred Stock (Note 11) |  | (6,992) |  | — |  | —
Potentially dilutive restricted stock awards |  | (844) |  | (869) |  | (1,458)
Weighted average diluted shares used to calculate diluted earnings/(loss) per share as disclosed in the table above |  | 147,827 |  | 143,295 |  | 145,055

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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 + Details
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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 + Details
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