Quarterly report pursuant to Section 13 or 15(d)

Earnings per Share

v3.22.2
Earnings per Share
6 Months Ended
Jun. 30, 2022
Earnings Per Share [Abstract]  
Earnings Per Share

7. Earnings per Share

The following table sets forth the computation of basic and diluted net income per share of common stock:

 

 

 

For the Three Months
Ended June 30,

 

 

For the Six Months
Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(in thousands)

 

Net income available to common stockholders

 

$

30,320

 

 

$

24,085

 

 

$

31,141

 

 

$

7,947

 

Dividends on redeemable preferred stock

 

 

1,434

 

 

 

1,434

 

 

 

 

 

 

 

Net income available to common stockholders after assumed
  conversions

 

$

31,754

 

 

$

25,519

 

 

$

31,141

 

 

$

7,947

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding — Basic

 

 

121,529

 

 

 

124,428

 

 

 

122,909

 

 

 

124,395

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

  Restricted share units

 

 

668

 

 

 

252

 

 

 

336

 

 

 

138

 

  Ares warrants

 

 

 

 

 

19

 

 

 

 

 

 

10

 

  Redeemable preferred stock

 

 

8,361

 

 

 

8,333

 

 

 

 

 

 

 

Weighted average common shares outstanding — Diluted

 

 

130,558

 

 

 

133,032

 

 

 

123,245

 

 

 

124,543

 

Net income per share available to common stockholders
   — Basic

 

$

0.25

 

 

$

0.19

 

 

$

0.25

 

 

$

0.06

 

Net income per share available to common stockholders
   — Diluted

 

$

0.24

 

 

$

0.19

 

 

$

0.25

 

 

$

0.06

 

 

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:

 

 

 

As of June 30,

 

 

 

2022

 

 

2021

 

 

 

(in thousands)

 

Stock options

 

 

897

 

 

 

126

 

Ares warrants

 

 

1,100

 

 

 

 

Public and Private warrants

 

 

17,333

 

 

 

17,333

 

Ares Put Option

 

*

 

 

*

 

 

* Refer to the description of this instrument in Note 8.

The effect of the potential shares of common stock issuable upon conversion of the redeemable preferred stock was antidilutive for the six months ended June 30, 2022 and 2021, and such shares were excluded from the computation of diluted net income per share.