Under the two-class method, net income is reallocated to common stock, the Series A Preferred Stock, and all dilutive securities based on the contractual participating rights of the respective securities to share in the current earnings as if all of the earnings for the period had been distributed. | | | | | | | | | | | | | | | | | For The Three Months Ended March 31, | | | 2024 | | 2023 | | Numerator: | | | | | Net income | | $ | 77,811 | | | $ | 41,227 | | | Dividends on Series A preferred shares | | (6,837) | | | (6,781) | | | Income allocated to participating preferred shares | | (6,128) | | | (2,934) | | Net income attributable to common stockholders | | $ | 64,846 | | | $ | 31,512 | | | | | | | Effect of dilutive securities: | | | | | Allocation of earnings to participating securities | | $ | 6,128 | | | $ | 2,934 | | Reallocation of earnings to participating securities | | (6,016) | | | (2,941) | | Numerator for Diluted EPS - Income available to common stockholders after assumed conversions | | $ | 64,958 | | | $ | 31,505 | | | | | | | Denominator: | | | | | Weighted average basic common shares outstanding | | 232,780 | | | 230,019 | | Dilutive effect of common shares | | 4,743 | | | 6,258 | | Weighted average diluted common shares outstanding | | 237,523 | | | 236,277 | | | | | | | | Earnings per share: | | | | | | Basic | | $ | 0.28 | | | $ | 0.14 | | | Dilutive | | $ | 0.27 | | | $ | 0.13 | |
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