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Earnings Per Share (Tables) | 12 Months Ended
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Dec. 31, 2024
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,
Basic Earnings per Share |  | 2024 |  | 2023 |  | 2022
Net income |  | $ | 66,693 |  |  | $ | 102,546 |  |  | $ | 50,684 |
Less: Loss on repurchase of Series A Preferred Stock |  |  | (13,243 | ) |  |  | — |  |  |  | — |
Less: Income distributed to participating securities |  |  | (1,406 | ) |  |  | (2,770 | ) |  |  | (2,186 | )
Less: Undistributed income allocable to participating securities |  |  | (2,183 | ) |  |  | (12,680 | ) |  |  | (3,528 | )
Add: Gain on repurchase of Series C Preferred Stock |  |  | — |  |  |  | 7,966 |  |  |  | — |
Net income available to common stockholders—Basic EPS |  | $ | 49,861 |  |  | $ | 95,062 |  |  | $ | 44,970 |
Weighted average common shares (in thousands) |  |  | 144,630 |  |  |  | 144,707 |  |  |  | 143,020 |
Basic earnings per share |  | $ | 0.34 |  |  | $ | 0.66 |  |  | $ | 0.31 |
|  | Years Ended December 31,
Diluted Earnings per Share |  | 2024 |  | 2023 |  | 2022
Net income available to common stockholders |  | $ | 49,861 |  |  | $ | 95,062 |  |  | $ | 44,970 |
Add back: Undistributed income allocable to participating securities |  |  | 2,183 |  |  |  | 12,680 |  |  |  | 3,528 |
Less: Reallocation of undistributed income allocable to participating securities considered potentially dilutive |  |  | (2,120 | ) |  |  | (12,449 | ) |  |  | (3,522 | )
Net income available to common stockholders—Diluted EPS |  | $ | 49,924 |  |  | $ | 95,293 |  |  | $ | 44,976 |
Weighted Average Diluted Shares (in thousands): |  |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares |  |  | 144,630 |  |  |  | 144,707 |  |  |  | 143,020 |
Dilutive effect of common stock equivalents, excluding participating securities |  |  | 4,623 |  |  |  | 3,120 |  |  |  | 275 |
Weighted average diluted shares, excluding participating securities (in thousands) |  |  | 149,253 |  |  |  | 147,827 |  |  |  | 143,295 |
Diluted earnings per share |  | $ | 0.33 |  |  | $ | 0.64 |  |  | $ | 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, 2024, 2023 and 2022, 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,
Reconciliation of Weighted Average Diluted Shares (in thousands) |  | 2024 |  | 2023 |  | 2022
Weighted average diluted shares as disclosed on the Consolidated Statements of Operations |  |  | 158,844 |  |  |  | 170,413 |  |  |  | 158,914 |
Less: Participating securities: |  |  |  |  |  |  |  |  |  |  |  |
Weighted average shares of common stock issuable upon conversion of the Series A Preferred Stock (Note 11) |  |  | (9,068 | ) |  |  | (14,750 | ) |  |  | (14,750 | )
Weighted average shares of common stock issuable upon conversion of the Series C Preferred Stock (Note 12) |  |  | — |  |  |  | (6,992 | ) |  |  | — |
Potentially dilutive restricted stock awards |  |  | (523 | ) |  |  | (844 | ) |  |  | (869 | )
Weighted average diluted shares used to calculate diluted earnings/(loss) per share as disclosed in the table above |  |  | 149,253 |  |  |  | 147,827 |  |  |  | 143,295 |

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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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