Equity and Earnings Per Share

3 Months Ended

Mar. 31, 2021

EQUITY AND EARNINGS PER SHARE

Equity Offering

On March 9, 2021, we closed on an underwritten public offering of 2,500 shares of our Class A common stock at a public offering price of $44.00 per share. Net proceeds from the offering were $104,458, after deducting offering costs of $5,542. On March 15, 2021, we closed on the underwriters’ option to purchase 375 additional shares of Class A common stock from us, resulting in net proceeds of $15,758 after deducting offering costs of $742. We used $80,000 of the net proceeds to repay in full the outstanding U.S. dollar balance under our senior secured revolving credit facility.

In the offering, selling shareholders sold 805 shares our Class A Common Stock at a public offering price of $44.00 per share, less the underwriting discount. We did not receive any proceeds from the sale of the shares by the selling stockholders.

Earnings Per Share

The following is a reconciliation of the numerator and denominator for the computation of basic and diluted earnings per share:


	Three Months Ended March 31,
(In thousands, except per share data)	2021		2020
Numerator:
Net income attributable to common shareholders	$	11,174	$	6,201
Adjustment for accretion of tax equity financing fees	(31)		—
Income attributable to common shareholders	$	11,143	$	6,201
Denominator:
Basic weighted-average shares outstanding	48,975		47,384
Effect of dilutive securities:
Stock options	1,382		1,113
Diluted weighted-average shares outstanding	50,357		48,497
Net income per share attributable to common shareholders:
Basic	$	0.23	$	0.13
Diluted	$	0.22	$	0.13

Potentially dilutive shares (1)	1,157		431

(1) Potentially dilutive shares attributable to stock options were excluded from the computation of diluted earnings per share as the effect would have been anti-dilutive.