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Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2023
Earnings Per Share [Abstract]  
Computation of Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share for the three-month periods ended March 31, 2023 and 2022; however, for the reasons and periods described above, the shares of common stock associated with the Forward Transactions were excluded from the computation of basic earnings per share (in thousands, except per share amounts):

 

 

For the Three Months Ended March 31,

 

 

2023

 

 

2022

 

 

Income (Numerator)

 

 

Shares (Denominator)

 

 

Per Share Amount

 

 

Income (Numerator)

 

 

Shares (Denominator)

 

 

Per Share Amount

 

Net income

$

20,449

 

 

 

 

 

 

 

 

$

22,196

 

 

 

 

 

 

 

Less: participation rights on Forward Transactions

 

—

 

 

 

 

 

 

 

 

 

113

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Undistributed income

$

20,449

 

 

 

129,136

 

 

$

0.16

 

 

$

22,083

 

 

 

111,414

 

 

$

0.20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effect of dilutive securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

—

 

 

 

4,466

 

 

 

 

 

 

—

 

 

 

5,550

 

 

 

 

2022 Convertible Notes

 

—

 

 

 

—

 

 

 

 

 

 

1,819

 

 

 

17,131

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Undistributed income and assumed conversions

$

20,449

 

 

 

133,602

 

 

$

0.15

 

 

$

23,902

 

 

 

134,095

 

 

$

0.18

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share - basic

 

 

 

 

 

 

$

0.16

 

 

 

 

 

 

 

 

$

0.20

 

Earnings per share - diluted

 

 

 

 

 

 

$

0.15

 

 

 

 

 

 

 

 

$

0.18