Earnings Per Share

3 Months Ended

Mar. 31, 2024

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, 2024 and 2023 (in thousands except shares and per share information):


	Three Months Ended		Three Months Ended
	March 31, 2024		March 31, 2023
Earnings per common share - basic
Numerator for basic earnings per share	$	14,508	$	22,486
Denominator for basic weighted average shares		46,748,386		35,074,076
Earnings/(Loss) per common share - basic	$	0.31	$	0.64
Earnings per common share - diluted
Numerator for increase in net assets per share		14,508		22,486
Adjustment for interest expense, fees, and deferred financing costs on Convertible Notes		916		910
Numerator for diluted earnings per share		15,424		23,396
Denominator for basic weighted average shares		46,748,386		35,074,076
Adjustment for dilutive effect of Convertible Notes		3,847,265		3,666,795
Denominator for diluted weighted average shares		50,595,651		38,740,871
Earnings/(Loss) per common share - diluted	$	0.30	$	0.60

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.