Three Months Ended June 30,

Six Months Ended June 30,

(in thousands, except for share and per share amounts)

2022

2021

2022

2021

Basic Earnings

Net income

$

58,965

$

30,904

$

123,228

$

59,851

Less: Income attributable to non-controlling interest

2,874

444

3,649

1,103

Less: Income attributable to participating shares

2,412

3,616

4,824

4,273

Basic earnings

$

53,679

$

26,844

$

114,755

$

54,475

Diluted Earnings

Net income

$

58,965

$

30,904

$

123,228

$

59,851

Less: Income attributable to non-controlling interest

2,874

444

3,649

1,103

Less: Income attributable to participating shares

2,412

3,616

4,824

4,273

Add: Expenses attributable to dilutive instruments

2,319

—

4,638

—

Diluted earnings

$

55,998

$

26,844

$

119,393

$

54,475

Number of Shares

Basic — Average shares outstanding

114,359,026

71,221,806

101,106,777

64,059,509

Effect of dilutive securities — Unvested participating shares

10,706,466

163,797

10,696,654

150,425

Diluted — Average shares outstanding

125,065,492

71,385,603

111,803,431

64,209,934

Earnings Per Share Attributable to RC Common Stockholders:

Basic

$

0.47

$

0.38

$

1.13

$

0.85

Diluted

$

0.45

$

0.38

$

1.07

$

0.85