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10. Earnings per Share
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 June 30, |
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For the Six Months
Ended June 30, |
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2024 |
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|
2023 |
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|
2024 |
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|
2023 |
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|
(in thousands) |
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Net income available to common stockholders |
|
$ |
12,618 |
|
|
$ |
12,997 |
|
|
$ |
10,610 |
|
|
$ |
8,999 |
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|
|
|
|
|
|
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Weighted average common shares outstanding — Basic |
|
|
115,758 |
|
|
|
119,893 |
|
|
|
116,512 |
|
|
|
120,073 |
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Effect of dilutive securities: |
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|
|
|
|
|
|
|
|
|
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RSUs |
|
|
1,122 |
|
|
|
1,387 |
|
|
|
561 |
|
|
|
694 |
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Weighted average common shares outstanding — Diluted |
|
|
116,880 |
|
|
|
121,280 |
|
|
|
117,073 |
|
|
|
120,767 |
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Net income per share available to common stockholders —
Basic |
|
$ |
0.11 |
|
|
$ |
0.11 |
|
|
$ |
0.09 |
|
|
$ |
0.07 |
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Net income per share available to common stockholders —
Diluted |
|
$ |
0.11 |
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|
$ |
0.11 |
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|
$ |
0.09 |
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|
$ |
0.07 |
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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 June 30, |
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|
2024 |
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|
2023 |
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(in thousands) |
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Stock options |
|
|
1,306 |
|
|
|
1,306 |
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Ares warrants |
|
|
1,100 |
|
|
|
1,100 |
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Public and Private warrants |
|
|
17,333 |
|
|
|
17,333 |
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Series A redeemable preferred stock |
|
|
8,525 |
|
|
|
8,439 |
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Ares Put Option |
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— |
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* |
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* See Note 10 to the annual financial statements.
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