Earnings per Share

6 Months Ended

Jun. 30, 2023

EARNINGS PER SHARE (EPS)Basic EPS is based on the weighted average number of common shares outstanding for the period, excluding any dilutive common share equivalents. Diluted EPS reflects the potential dilution resulting from the vesting of outstanding restricted stock

awards, restricted stock units, performance stock units and stock options. The following table shows the computation of basic and diluted EPS for the three and six month periods ended June 30, 2023 and 2022, respectively:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator:
Net income (loss) attributable to ACIC common stockholders	$	17,779	$	(69,029)	$	285,059	$	(102,201)

Denominator:
Weighted-average shares outstanding	43,229,416		43,049,227		43,178,758		43,015,114
Effect of dilutive securities	575,801		—		511,677		—
Weighted-average diluted shares	43,805,217		43,049,227		43,690,435		43,015,114

Earnings available to ACIC common stockholders per share
Basic	$	0.42	$	(1.60)	$	6.59	$	(2.37)
Diluted	$	0.41	$	(1.60)	$	6.52	$	(2.37)

See Note 17 of these Notes to Unaudited Condensed Consolidated Financial Statements for additional information on the stock grants related to dilutive securities.