Net Income per Share (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022, 2021 and 2020 ($ in thousands except per share data):


	Year ended December 31,
		2022		2021		2020
Basic Earnings
Net income		$	265,232	$	223,515	$	18,377
Less: Preferred dividends		(12,272)		(12,964)		(13,540)
Net income available to common stockholders		$	252,960	$	210,551	$	4,837
Less: Dividends on participating securities		(4,132)		(3,877)		(3,431)
Basic Earnings		$	248,828	$	206,674	$	1,406

Diluted Earnings
Basic Earnings		$	248,828	$	206,674	$	1,406
Add: Dividends on participating securities		4,132		3,877		—
Add: Interest expense on Convertible Notes		25,385		35,020		—
Diluted Earnings		$	278,345	$	245,571	$	1,406

Number of Shares:
Basic weighted-average shares of common stock outstanding		140,534,635		139,869,244		148,004,385
Diluted weighted-average shares of common stock outstanding		165,504,660		168,402,515		148,004,385

Earnings Per Share Attributable to Common Stockholders
Basic		$	1.77	$	1.48	$	0.01
Diluted		$	1.68	$	1.46	$	0.01