Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2024

Summary of Significant Accounting Policies

Schedule of contract assets and liabilities

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

	September 30,		December 31,
	2024		2023
	(unaudited)
Trade receivables, net (1)	$	13,306	$	14,431
Contract liabilities (2)	$	50,562	$	45,432

(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 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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator:
Net income	$	3,249	$	15,558	$	42,426	$	79,723
Preferred stock dividends		(3,931)		(3,226)		(11,297)		(10,762)
Distributions paid to participating securities		(62)		(72)		(211)		(176)
Undistributed income allocated to participating securities		—		—		—		(178)
Numerator for basic and diluted (loss) income attributable to common stockholders	$	(744)	$	12,260	$	30,918	$	68,607
Denominator:
Weighted average basic common shares outstanding		201,402		205,570		202,261		206,257
Unvested restricted stock units		—		212		596		296
Weighted average diluted common shares outstanding		201,402		205,782		202,857		206,553
Basic (loss) income attributable to common stockholders per common share	$	0.00	$	0.06	$	0.15	$	0.33
Diluted (loss) income attributable to common stockholders per common share	$	0.00	$	0.06	$	0.15	$	0.33