Earnings per Share

9 Months Ended

Sep. 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 nine month periods ended September 30, 2023 and 2022, respectively:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Numerator:
Net income (loss) attributable to ACIC common stockholders	$	10,568	$	(70,884)	$	295,627	$	(173,085)

Denominator:
Weighted-average shares outstanding	43,301,388		43,075,234		43,220,084		43,035,374
Effect of dilutive securities	841,305		—		668,581		—
Weighted-average diluted shares	44,142,693		43,075,234		43,888,665		43,035,374

Earnings available to ACIC common stockholders per share
Basic	$	0.24	$	(1.65)	$	6.84	$	(4.02)
Diluted	$	0.24	$	(1.65)	$	6.73	$	(4.02)

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