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Net Income (Loss) per Share | 12 Months Ended
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Dec. 31, 2024
Earnings Per Share [Abstract] |
Net Income (Loss) per Share | Note 20 – Net Income (Loss) per Share ASC Topic 260, "Earnings Per Share" requires the use of the two-class method of computing both basic and diluted earnings (loss) per share for all periods presented for each class of common stock and participating securities. Under the two-class method, all earnings (distributed and undistributed) are allocated to common shares and participating securities according to their respective rights to receive dividends. The unvested RSUs granted under our Equity Incentive Plans to certain employees of the Manager qualify as participating securities as RSUs have non-forfeitable rights to participate in dividends. Therefore, unvested RSUs are included in the calculation of basic earnings per share. Dilutive earnings per share is calculated under the more dilutive computation of the treasury stock method and the "if-converted" method. Under the treasury stock method, the denominator includes the weighted-average outstanding common shares, plus the incremental shares related to participating securities. The incremental shares are determined by subtracting the average unrecognized compensation cost for the period divided by the average stock price from the unvested RSUs. The table below presents the computation of basic and diluted net income (loss) per share of common stock for the years ended December 31, 2024, 2023 and 2022 ($ in thousands except per share data):
|  | Year Ended December 31, |
Basic Earnings |  | 2024 |  |  | 2023 |  |  | 2022 |
Net income (loss) |  | $ | (119,636 | ) |  | $ | 58,127 |  |  | $ | 265,232 |
Less: Preferred dividends |  |  | (12,272 | ) |  |  | (12,272 | ) |  |  | (12,272 | )
Less: Earnings attributable to participating securities |  |  | — |  |  |  | — |  |  |  | — |
Less: Dividends on participating securities |  |  | (3,252 | ) |  |  | (4,353 | ) |  |  | (4,132 | )
Basic Earnings (Loss) |  | $ | (135,160 | ) |  | $ | 41,502 |  |  | $ | 248,828 |
Dilutive Earnings |  |  |  |  |  |  |  |  |
Basic Earnings (Loss) |  | $ | (135,160 | ) |  | $ | 41,502 |  |  | $ | 248,828 |
Add: Dividends on participating securities |  |  | — |  |  |  | — |  |  |  | 4,132 |
Add: Interest expense on Convertible Notes |  |  | — |  |  |  | — |  |  |  | 25,385 |
Diluted Earnings (Loss) |  | $ | (135,160 | ) |  | $ | 41,502 |  |  | $ | 278,345 |
Number of Shares: |  |  |  |  |  |  |  |  |
Basic weighted-average shares of common stock outstanding |  |  | 139,674,140 |  |  |  | 141,281,286 |  |  |  | 140,534,635 |
Diluted weighted-average shares of common stock outstanding |  |  | 139,674,140 |  |  |  | 141,281,286 |  |  |  | 165,504,660 |
Earnings (Loss) Per Share Attributable to Common Stockholders |  |  |  |  |  |  |  |  |
Basic |  | $ | (0.97 | ) |  | $ | 0.29 |  |  | $ | 1.77 |
Diluted |  | $ | (0.97 | ) |  | $ | 0.29 |  |  | $ | 1.68 |
For the year ended December 31, 2024, there were no incremental shares related to RSUs included in the calculation of diluted net income pe r share. For year ended December 31, 2023, 2,932,284 weighted-average unvested RSUs were excluded in the calculation of diluted net income per share because the effect was anti-dilutive. For the year ended December 31, 2022, 2,655,833 weighted average unvested RSUs, were included in the calculation of diluted net income per share because the effect was dilutive. The Convertible Notes were repaid during the fourth quarter of 2023 and were therefore excluded from the calculation of dilutive earnings per share for the years ended December 31, 2024 and 2023. For year ended December 31, 2022, 22,314,191 weighted-average potentially issuable shares with respect to the Convertible Notes were included in the dilutive earnings per share denominator because the effect was dilutive.

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