21. 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

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. The year ended December 31, 2023 includes a gain of $7,966 recognized upon the repurchase of the Series C Preferred Stock, which is excluded from net income, but required to be added to net income to arrive at income available to common stockholders in the calculation of earnings per share.

Total antidilutive non-participating common stock equivalents were 405 and 132 during the years ended December 31, 2022 and 2021, respectively (shares herein are reported in thousands). There were no antidilutive non-participating common stock equivalents during the year ended December 31, 2023.

There were no potential common shares associated with the conversion option embedded in the Convertible Notes included in weighted average diluted shares for the years ended December 31, 2023 and 2022 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, 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: