Earnings Per Share

3 Months Ended

Mar. 31, 2025

Our time-based restricted stock awards are considered participating securities as they receive non-forfeitable rights to dividends at the same rate as common stock. As participating securities, we included these instruments in the computation of earnings per share under the two-class method described in FASB ASC 260, Earnings per Share (“ASC 260”).

We also have outstanding performance-based restricted stock units that contain forfeitable rights to receive dividends. Therefore, the awards are considered non-participating restrictive shares and are not dilutive under the two-class method until performance conditions are met.

The dilutive effect of the 4.00% exchangeable notes that matured and were repaid on June 15, 2024 (the "Exchange Notes") and the Convertible 2027 Notes is calculated by using the “if-converted” method. This assumes an add-back of interest, net of income taxes, to net income attributable to shareholders as if the securities were converted at the beginning of the reporting period (or at time of issuance, if later) and the resulting common shares included in number of weighted average shares. The dilutive effect of the warrants previously issued in connection with the issuance of the Exchange Notes that terminated in June 2024 is calculated using the treasury-stock method. During the three months ended March 31, 2024, the warrants were excluded from diluted shares outstanding because the exercise price exceeded the average market price of our common stock for the reporting period.

The following sets forth the computation of basic and diluted earnings per share under the two-class method:


	Three Months Ended March 31,
(Thousands, except per share data)	2025		2024
Basic earnings per share:
Numerator:
Net income attributable to shareholders	$	12,220	$	41,329
Less: Income allocated to participating securities	(335)		(436)
Dividends declared on convertible preferred stock	(5)		(5)
Net income attributable to common shares	$	11,880	$	40,888
Denominator:
Basic weighted-average common shares outstanding	238,062		236,901
Basic earnings per common share	$	0.05	$	0.17


	Three Months Ended March 31,
(Thousands, except per share data)	2025		2024
Diluted earnings per share:
Numerator:
Net income attributable to shareholders	$	12,220	$	41,329
Less: Income allocated to participating securities	(335)		(436)
Dividends declared on convertible preferred stock	(5)		(5)
Impact on if-converted dilutive securities	—		7,022
Net income attributable to common shares	$	11,880	$	47,910
Denominator:
Basic weighted-average common shares outstanding	238,062		236,901
Effect of dilutive non-participating securities	—		708
Impact on if-converted dilutive securities	—		54,798
Weighted-average shares for dilutive earnings per common share	238,062		292,407
Dilutive earnings per common share	$	0.05	$	0.16

For the three months ended March 31, 2025, 1,400,783 non-participating securities were excluded from the computation of earnings per share, as their performance conditions have not been met. For the three months ended March 31, 2025, we excluded 42,043,892 potential common shares related to the Convertible 2027 Notes from the computation of earnings per share, as their effect would have been anti-dilutive.