Net Income per Share (Tables)

12 Months Ended

Dec. 31, 2021

Basic and Diluted Net Income per Share of Common Stock Using Two-Class Method

The table below presents the computation of basic and diluted net income per share of common stock for the years ended December 31, 2021, 2020, and 2019 ($ in thousands except per share data):


	For the year ended December 31,
	2021		2020		2019
Basic Earnings
Net income	$	223,515	$	18,377	$	230,174
Less: Preferred dividends	(12,964)		(13,540)		(18,525)
Net income available to common stockholders	$	210,551	$	4,837	$	211,649
Less: Dividends on participating securities	(3,877)		(3,431)		(3,867)
Basic Earnings	$	206,674	$	1,406	$	207,782

Diluted Earnings
Basic Earnings	$	206,674	$	1,406	$	207,782
Add: Dividends on participating securities	3,877		—		3,867
Add: Interest expense on Convertible Notes	35,020		—		35,173
Diluted Earnings	$	245,571	$	1,406	$	246,822

Number of Shares:
Basic weighted-average shares of common stock outstanding	139,869,244		148,004,385		146,881,231
Diluted weighted-average shares of common stock outstanding	168,402,515		148,004,385		175,794,896

Earnings Per Share Attributable to Common Stockholders
Basic	$	1.48	$	0.01	$	1.41
Diluted	$	1.46	$	0.01	$	1.40