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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 June 30, |
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For the Six Months
Ended June 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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(in thousands) |
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Net income available to common stockholders |
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$ |
12,997 |
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$ |
30,320 |
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$ |
8,999 |
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$ |
31,141 |
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Dividends on redeemable preferred stock |
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— |
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1,434 |
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— |
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— |
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Net income available to common stockholders after assumed
conversions |
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$ |
12,997 |
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$ |
31,754 |
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$ |
8,999 |
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$ |
31,141 |
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Weighted average common shares outstanding — Basic |
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119,893 |
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121,529 |
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120,073 |
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122,909 |
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Effect of dilutive securities: |
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Restricted share units |
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1,387 |
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668 |
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694 |
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336 |
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Redeemable preferred stock |
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— |
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8,361 |
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— |
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— |
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Weighted average common shares outstanding — Diluted |
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121,280 |
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130,558 |
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120,767 |
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123,245 |
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Net income per share available to common stockholders
— Basic |
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$ |
0.11 |
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$ |
0.25 |
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$ |
0.07 |
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$ |
0.25 |
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Net income per share available to common stockholders
— Diluted |
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$ |
0.11 |
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$ |
0.24 |
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$ |
0.07 |
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$ |
0.25 |
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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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2023 |
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2022 |
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(in thousands) |
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Stock options |
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1,306 |
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|
897 |
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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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Series A redeemable preferred stock |
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8,439 |
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— |
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Ares Put Option |
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* |
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* |
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* Refer to the description of this instrument in Note 10.
The effect of the potential shares of common stock issuable upon conversion of the redeemable preferred stock was antidilutive for the three months ended June 30, 2023 and the six months ended June 30, 2023 and 2022, and such shares were excluded from the computation of diluted net income per share.
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