| Schedule of Basic and Diluted Net Income Per Share of Common Stock |
The following table sets forth the computation of basic and diluted net income per share of common stock:
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For the Three Months
Ended September 30, |
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For the Nine Months
Ended September 30, |
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2022 |
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2021 |
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2022 |
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|
2021 |
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(in thousands) |
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Net income available to common stockholders |
|
$ |
23,494 |
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|
$ |
34,085 |
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|
$ |
54,635 |
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|
$ |
42,032 |
|
Dividends on redeemable preferred stock |
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|
1,449 |
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|
1,449 |
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|
— |
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|
— |
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Change in fair value of Ares Put Option (see Note 10) |
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|
(2,425 |
) |
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(2,578 |
) |
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(1,894 |
) |
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|
(2,899 |
) |
Net income available to common stockholders after assumed
conversions |
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$ |
22,518 |
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$ |
32,956 |
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$ |
52,741 |
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$ |
39,133 |
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Weighted average common shares outstanding — Basic |
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120,074 |
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|
124,428 |
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|
121,950 |
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|
124,406 |
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Effect of dilutive securities: |
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Restricted share units |
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1,182 |
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234 |
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618 |
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|
170 |
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Ares warrants |
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— |
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— |
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— |
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|
6 |
|
Ares Put Option |
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757 |
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|
930 |
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|
959 |
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|
772 |
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Redeemable preferred stock |
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8,375 |
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|
8,333 |
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— |
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— |
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Weighted average common shares outstanding — Diluted |
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130,388 |
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|
133,925 |
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|
123,527 |
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|
125,354 |
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Net income per share available to common stockholders
— Basic |
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$ |
0.20 |
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$ |
0.27 |
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$ |
0.45 |
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$ |
0.34 |
|
Net income per share available to common stockholders
— Diluted |
|
$ |
0.17 |
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$ |
0.25 |
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|
$ |
0.43 |
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|
$ |
0.31 |
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| Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share |
The following potential shares of common stock have been excluded from the computation of diluted net income per share because their effect would have been antidilutive:
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As of September 30, |
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2022 |
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2021 |
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(in thousands) |
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Stock options |
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897 |
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|
126 |
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Ares warrants |
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1,100 |
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|
1,100 |
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Public and Private warrants |
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17,333 |
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17,333 |
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