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Net Income (Loss) per Share (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
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 (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