Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2023

Summary of Significant Accounting Policies

Schedule of contract assets and liabilities

Trade receivables and contract liabilities consisted of the following (in thousands):

	June 30,		December 31,
	2023		2022
	(unaudited)
Trade receivables, net (1)	$	25,211	$	19,751
Contract liabilities (2)	$	51,010	$	50,219

(1) Trade receivables, net are included in accounts receivable, net on the accompanying consolidated balance sheets.

(2) Contract liabilities consist of advance deposits and are included in either other current liabilities or other liabilities on the accompanying consolidated balance sheets.

Schedule of computation of basic and diluted earnings per common share

The following table sets forth the computation of basic and diluted earnings per common share (unaudited and in thousands, except per share data):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator:
Net income	$	43,078	$	37,692	$	64,165	$	52,815
Income from consolidated joint venture attributable to noncontrolling interest		—		(2,343)		—		(3,477)
Preferred stock dividends		(3,768)		(3,773)		(7,536)		(7,546)
Distributions paid to participating securities		(52)		—		(104)		—
Undistributed income allocated to participating securities		(144)		(266)		(194)		(327)
Numerator for basic and diluted income attributable to common stockholders	$	39,114	$	31,310	$	56,331	$	41,465
Denominator:
Weighted average basic common shares outstanding		206,181		213,183		206,606		215,216
Unvested restricted stock units		647		—		489		—
Weighted average diluted common shares outstanding		206,828		213,183		207,095		215,216
Basic income attributable to common stockholders per common share	$	0.19	$	0.15	$	0.27	$	0.19
Diluted income attributable to common stockholders per common share	$	0.19	$	0.15	$	0.27	$	0.19