Net Income per Share (Tables)

3 Months Ended

Mar. 31, 2023

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 three months ended March 31, 2023 and 2022 ($ in thousands except per share data):


	Three months ended March 31,
		2023		2022
Basic Earnings
Net income		$	48,916	$	15,238
Less: Preferred dividends		(3,068)		(3,068)
Net income available to common stockholders		$	45,848	$	12,170
Less: Dividends on participating securities		(1,003)		(899)
Basic Earnings		$	44,845	$	11,271

Diluted Earnings
Basic Earnings		$	44,845	$	11,271
Add: Dividends on participating securities		1,003		—
Add: Interest expense on Convertible Notes		3,445		—
Diluted Earnings		$	49,293	$	11,271

Number of Shares:
Basic weighted-average shares of common stock outstanding		141,072,471		140,353,386
Diluted weighted-average shares of common stock outstanding		155,483,979		140,353,386

Earnings Per Share Attributable to Common Stockholders
Basic		$	0.32	$	0.08
Diluted		$	0.32	$	0.08