|
8. 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 September 30, |
|
|
For the Nine Months
Ended September 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
(in thousands) |
|
Net income available to common stockholders |
|
$ |
34,085 |
|
|
$ |
9,688 |
|
|
$ |
42,032 |
|
|
$ |
21,127 |
|
Dividends on redeemable preferred stock |
|
|
1,449 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Change in fair value of Ares Put Option |
|
|
(2,578 |
) |
|
|
— |
|
|
|
(2,899 |
) |
|
|
— |
|
Net income available to common stockholders after assumed conversions |
|
$ |
32,956 |
|
|
$ |
9,688 |
|
|
$ |
39,133 |
|
|
$ |
21,127 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding — Basic |
|
|
124,428 |
|
|
|
71,390 |
|
|
|
124,406 |
|
|
|
69,221 |
|
Effect of dilutive securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Restricted share units |
|
|
234 |
|
|
|
— |
|
|
|
170 |
|
|
|
— |
|
Ares warrants |
|
|
— |
|
|
|
— |
|
|
|
6 |
|
|
|
— |
|
Ares Put Option |
|
|
930 |
|
|
|
— |
|
|
|
772 |
|
|
|
— |
|
Redeemable preferred stock |
|
|
8,333 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Weighted average common shares outstanding — Diluted |
|
|
133,925 |
|
|
|
71,390 |
|
|
|
125,354 |
|
|
|
69,221 |
|
Net income per share available to common stockholders
— Basic |
|
$ |
0.27 |
|
|
$ |
0.14 |
|
|
$ |
0.34 |
|
|
$ |
0.31 |
|
Net income per share available to common stockholders
— Diluted |
|
$ |
0.25 |
|
|
$ |
0.14 |
|
|
$ |
0.31 |
|
|
$ |
0.31 |
|
The following potential shares of common stock have been excluded from the computation of diluted earnings per share because their effect would have been antidilutive:
|
|
|
|
|
|
|
|
|
|
|
As of September 30, |
|
|
|
2021 |
|
|
2020 |
|
|
|
(in thousands) |
|
Public and Private warrants |
|
|
17,333 |
|
|
|
— |
|
Stock options |
|
|
126 |
|
|
|
— |
|
Ares warrants |
|
|
1,100 |
|
|
|
— |
|
Restricted share units |
|
|
— |
|
|
|
96 |
|
Convertible bonds (par value) |
|
|
— |
|
|
|
20 |
|
The effect of the potential shares of common stock related to the redeemable preferred stock was antidilutive for the nine month period ended September 30, 2021.
|