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Earnings Per Share | 9 Months Ended
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Sep. 30, 2024
Earnings Per Share [Abstract] |
Earnings Per Share | 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 three and nine months ended September 30, 2024 and 2023:
| Three Months Ended September 30, |  | Nine Months Ended September 30, |  |
(in thousands, except per share data) | 2024 |  | 2023 |  | 2024 |  | 2023 |  |
Net income | $ | 9,054 |  |  | $ | 17,957 |  |  | $ | 30,381 |  |  | $ | 63,560 |  |  |
Participating basic earnings (a) | (59) |  |  | (41) |  |  | (153) |  |  | (109) |  |  |
Basic earnings attributable to common stockholders | 8,995 |  |  | 17,916 |  |  | 30,228 |  |  | 63,451 |  |  |
Reallocation of participating earnings | — |  |  | — |  |  | — |  |  | — |  |  |
Diluted earnings attributable to common stockholders | $ | 8,995 |  |  | $ | 17,916 |  |  | $ | 30,228 |  |  | $ | 63,451 |  |  |
Weighted average common shares outstanding: |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding – basic | 130,204 |  |  | 134,396 |  |  | 130,182 |  |  | 133,426 |  |  |
Dilutive performance stock units | 29 |  |  | 11 |  |  | 27 |  |  | 8 |  |  |
Dilutive stock options | 9 |  |  | 14 |  |  | 10 |  |  | 6 |  |  |
Weighted average common shares outstanding – diluted | 130,242 |  |  | 134,421 |  |  | 130,219 |  |  | 133,440 |  |  |
Net income per common share: |  |  |  |  |  |  |  |  |
Basic | $ | 0.07 |  |  | $ | 0.13 |  |  | $ | 0.23 |  |  | $ | 0.48 |  |  |
Diluted | $ | 0.07 |  |  | $ | 0.13 |  |  | $ | 0.23 |  |  | $ | 0.48 |  |  |
(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 September 30, 2023. 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.
| Three Months Ended September 30, |  | Nine Months Ended September 30, |  |
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |
Number of antidilutive common shares: |  |  |  |  |  |  |  |  |
Antidilutive performance stock units | 74,096 |  |  | 21,007 |  |  | 49,588 |  |  | 17,689 |  |  |
Antidilutive stock options | 517,818 |  |  | 378,067 |  |  | 485,608 |  |  | 271,788 |  |  |
Total antidilutive common shares | 591,914 |  |  | 399,074 |  |  | 535,196 |  |  | 289,477 |  |  |

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