Annual report pursuant to Section 13 and 15(d)

Earnings per Share

v3.22.4
Earnings per Share
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Earnings Per Share

20. Earnings per Share

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

 

 

 

For the Year Ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

 

 

(in thousands)

 

Net income available to common stockholders

 

$

65,997

 

 

$

53,463

 

 

$

10,433

 

Change in fair value of Ares Put Option

 

 

(329

)

 

 

(927

)

 

 

—

 

Net income available to common stockholders after
  assumed conversions

 

$

65,668

 

 

$

52,536

 

 

$

10,433

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding — Basic

 

 

121,476

 

 

 

124,412

 

 

 

71,074

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

Restricted share units

 

 

822

 

 

 

259

 

 

 

—

 

Ares Put Option

 

 

926

 

 

 

766

 

 

 

—

 

Weighted average common shares outstanding — Diluted

 

 

123,224

 

 

 

125,437

 

 

 

71,074

 

Net income per share available to
   common stockholders — Basic

 

$

0.54

 

 

$

0.43

 

 

$

0.15

 

Net income per share available to
   common stockholders — Diluted

 

$

0.53

 

 

$

0.42

 

 

$

0.15

 

The following potential shares of common stock have been excluded from the computation of diluted earnings per share because their effect would be antidilutive:

 

 

 

As of December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

 

 

(in thousands)

 

Ares Warrants

 

 

1,100

 

 

 

1,100

 

 

 

1,100

 

Public and private warrants

 

 

17,333

 

 

 

17,333

 

 

 

17,333

 

Ares Put Option

 

 

—

 

 

 

—

 

 

*

 

Series A redeemable preferred stock

 

 

8,396

 

 

 

8,333

 

 

 

8,333

 

Stock options

 

 

897

 

 

 

126

 

 

 

—

 

 

(*) Refer to description of this instrument in Note 10 above.