Quarterly report pursuant to Section 13 or 15(d)

Earnings per Share (Tables)

v3.21.2
Earnings per Share (Tables)
9 Months Ended
Sep. 30, 2021
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Net Income Per Share of Common Stock

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

 

Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share

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.