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Earnings Per Share | 3 Months Ended
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Mar. 31, 2024
Earnings Per Share [Abstract] |
Earnings Per Share | 20. 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 March 31,
Basic Earnings per Share |  | 2024 |  | 2023
Net income |  | $ | 22,111 |  |  | $ | 16,233 |
Less: Income distributed to participating securities |  |  | (462 | ) |  |  | (498 | )
Less: Undistributed income allocable to participating securities |  |  | (1,657 | ) |  |  | (1,206 | )
Net income available to common stockholders—Basic EPS |  | $ | 19,992 |  |  | $ | 14,529 |
Weighted average common shares (in thousands) |  |  | 146,464 |  |  |  | 143,862 |
Basic earnings per share |  | $ | 0.14 |  |  | $ | 0.10 |
|  | Three Months Ended March 31,
Diluted Earnings per Share |  | 2024 |  | 2023
Net income available to common stockholders |  | $ | 19,992 |  |  | $ | 14,529 |
Add back: Undistributed income allocable to participating securities |  |  | 1,657 |  |  |  | 1,206 |
Less: Reallocation of undistributed income allocable to participating securities considered potentially dilutive |  |  | (1,622 | ) |  |  | (1,202 | )
Net income available to common stockholders—Diluted EPS |  | $ | 20,027 |  |  | $ | 14,533 |
Weighted average diluted shares (in thousands): |  |  |  |  |  |  |  |
Weighted average common shares |  |  | 146,464 |  |  |  | 143,862 |
Dilutive effect of common stock equivalents, excluding participating securities |  |  | 3,525 |  |  |  | 569 |
Weighted average diluted shares, excluding participating securities (in thousands) |  |  | 149,989 |  |  |  | 144,431 |
Diluted earnings per share |  | $ | 0.13 |  |  | $ | 0.10 |
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 March 31, 2024. Total antidilutive non-participating common stock equivalents were 695 for the three months ended March 31, 2023 (shares herein are reported in thousands). There were no potential common shares associated with the conversion options embedded in the Convertible Notes included in weighted average diluted shares for the three months ended March 31, 2024 and 2023 as the Company’s average stock price 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 months ended March 31, 2024 and 2023, 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 March 31,
Reconciliation of Weighted Average Diluted Shares (in thousands) |  | 2024 |  | 2023
Weighted average diluted shares as disclosed on the Consolidated Statements of Operations |  |  | 165,268 |  |  |  | 159,887 |
Less: Participating securities: |  |  |  |  |  |  |  |
Weighted average shares of common stock issuable upon conversion of the Series A Preferred Stock (Note 11) |  |  | (14,750 | ) |  |  | (14,750 | )
Potentially dilutive restricted stock awards |  |  | (529 | ) |  |  | (706 | )
Weighted average diluted shares used to calculate diluted earnings per share as disclosed in the table above |  |  | 149,989 |  |  |  | 144,431 |

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