| Earnings Per Share |
9. 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 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 |
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Net income per share available to common stockholders
— Diluted |
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$ |
0.17 |
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$ |
0.25 |
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$ |
0.43 |
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$ |
0.31 |
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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 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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The effect of the potential shares of common stock issuable upon the conversion of the redeemable preferred stock was antidilutive for the nine months ended September 30, 2022 and 2021, and such shares were excluded from the computation of diluted net income per share.
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