Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth a reconciliation of the numerator and denominator of basic and diluted earnings per share computations contained in the period-ended consolidated financial statements for the three months ended March 31, 2023 and 2022:



($ in thousands, except for share and per share amounts)	2023		2022
Numerator
Net income	$	15,556	$	16,311
Less: Undistributed income allocated to participating securities	(1,274)		(7,823)
Net income attributable to common shareholders (numerator for basic earnings per share)	14,282		8,488
Add back: Undistributed income allocated to participating securities	1,274		7,823
Net income (numerator for diluted earnings per share under the two-class method)	$	15,556	$	16,311
Denominator
Basic weighted-average common shares	32,848,243		16,376,720

Preferred shares (if converted method)	2,931,256		15,092,585
Contingently issuable instruments (treasury stock method)	708,746		714,185
Market condition awards (contingently issuable)	87,750		40,460
Performance awards (contingently issuable)	38,441		32,362
Restricted stock units (treasury stock method)	318,421		155,995
Options (treasury stock method)	19,216		—
Diluted weighted-average common share equivalents	36,952,073		32,412,307
Basic earnings per share	$	0.43	$	0.52
Diluted earnings per share	$	0.42	$	0.50

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table sets forth the weighted-average instruments that were excluded from the calculation of diluted weighted-average common share equivalents during the three months ended March 31, 2023 and 2022.



	2023	2022

Contingently issuable instruments (treasury stock method)	345,764	—
Market condition awards (contingently issuable)	13,795	—
Performance awards (contingently issuable)	40,080	—
Restricted stock units (treasury stock method)	390,076	—
Options (treasury stock method)	333,551	—

The following table sets forth common share equivalents of contingently issuable instruments (in shares) that were excluded from basic earnings per share for the three months ended March 31, 2023 and 2022:



	2023	2022
Common shares	1,054,510	183,604
Preferred shares, if converted	—	1,216,389
Total	1,054,510	1,399,993