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Earnings Per Share
 3 Months Ended
Mar. 31, 2023
Earnings Per Share [Abstract]  
Earnings Per Share

Note 9. Earnings Per Share

The following table sets forth the computation of the basic and diluted earnings per common share for the three months ended March 31, 2023 and 2022 (in thousands except shares and per share information):

 

 

 

Three Months Ended

 

 

Three Months Ended

 

 

 

March 31, 2023

 

 

March 31, 2022

 

Earnings per common share - basic

 

 

 

 

 

 

Numerator for basic earnings per share

 

$

22,486

 

 

$

(9,065

)

Denominator for basic weighted average shares

 

 

35,074,076

 

 

 

27,416,943

 

Earnings/(Loss) per common share - basic

 

$

0.64

 

 

$

(0.33

)

Earnings per common share - diluted

 

 

 

 

 

 

Numerator for increase in net assets per share

 

$

22,486

 

 

$

(9,065

)

Adjustment for interest expense and deferred financing costs on Convertible Notes(1)

 

 

910

 

 

 

—

 

Numerator for diluted earnings per share

 

 

23,396

 

 

 

(9,065

)

Denominator for basic weighted average shares

 

 

35,074,076

 

 

 

27,416,943

 

Adjustment for dilutive effect of Convertible Notes(1)

 

 

3,666,795

 

 

 

—

 

Denominator for diluted weighted average shares

 

 

38,740,871

 

 

 

27,416,943

 

Earnings/(Loss) per common share - diluted

 

$

0.60

 

 

$

(0.33

)

 

(1)
No adjustments for interest or incremental shares were included for the three months ended March 31, 2022, because the effect would be antidilutive.

In certain circumstances at the Company's election, the Convertible Notes will be convertible into cash, shares of the Company's common stock or a combination of cash and shares of the Company's common stock, which can be dilutive to common stockholders. Diluted earnings (loss) available to each share of common stock outstanding during the reporting period included any additional shares of common stock that would be issued if all potentially dilutive securities were exercised. In accordance with ASU 2020-06, the Company is required to disclose diluted EPS using the if-converted method that assumes conversion of convertible securities at the beginning of the reporting period and is intended to show the maximum dilution effect to common stockholders regardless of how the conversion can occur.