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Earnings Per Share (Tables)
 12 Months Ended
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