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Earnings Per Share
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Share

17. 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  2025  2024
Net income  $24,629   $22,111 
Less:  Income distributed to participating securities   
—
    (462)
Less:  Undistributed income allocable to participating securities   (24)   (1,657)
Net income available to common stockholders—Basic EPS  $24,605   $19,992 
Weighted average common shares (in thousands)   142,580    146,464 
Basic earnings per share  $0.17   $0.14 
  

Three Months Ended
March 31,

Diluted Earnings per Share  2025  2024
Net income available to common stockholders  $24,605   $19,992 
Add back:  Undistributed income allocable to participating securities   24    1,657 
Less:  Reallocation of undistributed income allocable to participating securities considered potentially dilutive   (23)   (1,622)
Net income available to common stockholders—Diluted EPS  $24,606   $20,027 
Weighted average diluted shares (in thousands):          
Weighted average common shares   142,580    146,464 
Dilutive effect of common stock equivalents, excluding participating securities   3,799    3,525 
Weighted average diluted shares, excluding participating securities (in thousands)   146,379    149,989 
Diluted earnings per share  $0.17   $0.13 

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. Total antidilutive non-participating common stock equivalents were 1,025 for the three months ended March 31, 2025 (shares herein are reported in thousands). There were no antidilutive non-participating common stock equivalents for the three months ended March 31, 2024.

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, 2025 and 2024 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, 2025 and 2024, 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:

  

Three Months Ended

March 31,

Reconciliation of Weighted Average Diluted Shares (in thousands)  2025  2024
Weighted average diluted shares as disclosed on the Consolidated Statements of Operations   146,545    165,268 
Less:  Participating securities:          
Weighted average shares of common stock issuable upon conversion of the Series A Preferred Stock   
—
    (14,750)
Potentially dilutive restricted stock awards   (166)   (529)
Weighted average diluted shares used to calculate diluted earnings per share as disclosed in the table above   146,379    149,989