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Earnings Per Share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Earnings Per Share

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,
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 

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. During the years ended December 31, 2024 and 2023, the Company recognized a loss of $13,243 (which includes an excise tax of $1,868) and a gain of $7,966, respectively, related to the repurchase of the Series A Preferred Stock and the Series C Preferred Stock. These items are excluded from net income but are required to be added to net income to arrive at income available to common stockholders in the calculation of earnings per share.

There were no antidilutive non-participating common stock equivalents during the years ended December 31, 2024 and 2023. Total antidilutive non-participating common stock equivalents were 405 during the year ended December 31, 2022 (shares herein are reported in thousands).

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, 2024, 2023 and 2022 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 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