Earnings per share

12 Months Ended

Dec. 31, 2023

Earnings Per Share

The Company uses the two-class method of calculating earnings per share because certain of the Company’s unvested stock-based awards qualify as participating securities.

The Company’s basic earnings (loss) per share attributable to common stockholders is computed as (i) net income (loss) as reported, (ii) less participating basic earnings (iii) divided by weighted average basic common shares outstanding. The Company’s diluted earnings (loss) per share attributable to common stockholders is computed as (i) basic earnings (loss) attributable to common stockholders, (ii) plus reallocation of participating earnings (iii) divided by weighted average diluted common shares outstanding.

The following table presents the basic and diluted earnings per share computations for the years ended December 31, 2023, 2022 and 2021:


	Year Ended December 31,
(in thousands)	2023		2022		2021
Net income	$	81,099	$	262,344	$	108,459
Participating basic earnings (a)	(152)		—		—
Basic earnings attributable to common stockholders	80,947		262,344		108,459
Reallocation of participating earnings	—		—		—
Diluted earnings attributable to common stockholders	$	80,947	$	262,344	$	108,459

Weighted average common shares outstanding:
Weighted average common shares outstanding – basic	133,093		132,923		132,923
Dilutive performance stock units	10		—		—
Dilutive stock options	6		—		—
Vesting Shares	0		151		0
Weighted average common shares outstanding – diluted	133,109		133,074		132,923

Net income (loss) per common share:
Basic	$	0.61	$	1.97	$	0.82
Diluted	$	0.61	$	1.97	$	0.82
(a) Unvested restricted stock awards represent participating securities because they participate in nonforfeitable dividends or distributions with the common equity holders of the Company. Participating earnings represent the distributed and undistributed earnings of the Company attributable to the participating securities. Unvested restricted stock awards do not participate in undistributed net losses as they are not contractually obligated to do so.

Prior to the Warrant Exchange, the warrants were out-of-the-money and were not included in the computation of the diluted earnings per share. As a result of the Warrant Exchange, no warrants remained outstanding at December 31, 2023. Diluted weighted average common shares outstanding for the year ended December 31, 2022 included certain Vesting Shares, as defined in Note 9. Diluted net earnings per share for the year ended December 31, 2022 excluded 10,349,975 common stock warrants outstanding. There were no dilutive securities outstanding for the year ended December 31, 2021.

The following table is a summary of the PSUs and stock options, which were not included in the computation of diluted earnings per share, as inclusion of these items would be antidilutive.


	Year Ended December 31,
	2023	2022	2021
Number of antidilutive common shares:
Antidilutive performance stock units	23,428	—	—
Antidilutive stock options	303,805	—	—
Total antidilutive common shares	327,233	—	—