Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2021

Components of basic and diluted earnings per share

The following table sets forth the components of basic and diluted EPS ($ in thousands, except per share):


	Three months ended September 30, 2021					Three months ended September 30, 2020
	Income (Numerator)		Shares (Denominator)	Per Share Amount		Income (Numerator)		Shares (Denominator)	Per Share Amount
Basic EPS
Consolidated net income attributable to common stockholders	$	9,313	22,862,429			$	5,280	22,844,192
Allocation of earnings to participating restricted shares	(92)		—			(33)		—
Consolidated net income attributable to unrestricted common stockholders	$	9,221	22,862,429	$	0.40	$	5,247	22,844,192	$	0.23
Effect of dilutive securities(1)
Restricted stock grants and Manager and director fee shares	92		229,291			33		145,424
Interest expense (add back) and assumed conversion of shares from convertible senior notes(2)	2,237		7,315,929			—		—
Diluted EPS
Consolidated net income attributable to common stockholders and dilutive securities	$	11,550	30,407,649	$	0.38	$	5,280	22,989,616	$	0.23

(1)The Company's outstanding warrants for an additional 6,500,000 shares of common stock and effect of the put option share settlement would have an anti-dilutive effect on diluted earnings per share for the three months ended September 30, 2021 and September 30, 2020, and have not been included in the calculation.

(2)The effect of interest expense and assumed conversion of shares from convertible notes on the Company's diluted EPS calculation for the three months ended September 30, 2020 would have been anti-dilutive and has been removed from the calculation.


	Nine months ended September 30, 2021					Nine months ended September 30, 2020
	Income (Numerator)		Shares (Denominator)	Per Share Amount		Income (Numerator)		Shares (Denominator)	Per Share Amount
Basic EPS
Consolidated net income attributable to common stockholders	$	26,695	22,835,237			$	11,922	22,575,480
Allocation of earnings to participating restricted shares	(222)		—			(68)		—
Consolidated net income attributable to unrestricted common stockholders	$	26,473	22,835,237	$	1.16	$	11,854	22,575,480	$	0.53
Effect of dilutive securities(1,2)
Interest expense (add back) and assumed conversion of shares from convertible senior notes(3)	6,836		7,451,376			—		—
Diluted EPS
Consolidated net income attributable to common stockholders and dilutive securities	$	33,309	30,286,613	$	1.10	$	11,854	22,575,480	$	0.53

(1)The Company's outstanding warrants for an additional 6,500,000 shares of common stock and effect of the put option share settlement would have an anti-dilutive effect on diluted earnings per share for the nine months ended September 30, 2021 and September 30, 2020, and have not been included in the calculation.

(2)The effect of restricted stock grants and manager and director fee shares on the Company's diluted EPS calculation for the nine months ended September 30, 2021 and September 30, 2020 would have been anti-dilutive and have not been included in the calculation.

(3)The effect of interest expense and assumed conversion of shares from convertible notes on the Company's diluted EPS calculation for the nine months ended September 30, 2020 would have been anti-dilutive and has been removed from the calculation.