Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2022

Schedule of Calculation of Basic and Diluted Earnings per Common Share

The following table sets forth the calculation of basic and diluted earnings per common share based on the weighted-average number of shares of common stock outstanding for the three months ended March 31, 2022 and 2021 (dollars in thousands, except share and per share data):


	Three Months Ended March 31,
	2022			2021
Net income	$	23,781		$	31,955
Preferred stock dividends(1)		(3,148	)		(6,124	)
Participating securities' share in earnings		(197	)		(146	)
Series B Preferred Stock accretion, including allocated Warrant fair value and transaction costs(2)		—			(1,452	)
Net income attributable to common stockholders	$	20,436		$	24,233
Weighted average common shares outstanding, basic		77,183,957			76,895,615
Incremental shares of common stock issued from the assumed exercise of the Warrants		4,604,766			3,777,621
Weighted average common shares outstanding, diluted		81,788,723			80,673,236
Earnings per common share, basic(3)	$	0.26		$	0.32
Earnings per common share, diluted(3)	$	0.25		$	0.30

(1)

Includes preferred stock dividends declared and paid for Series A preferred stock, Series C Preferred Stock, and Series B Preferred Stock shares outstanding for the three months ended March 31, 2022 and 2021, respectively.

(2)

Series B Preferred Stock Accretion, including Allocated Warrant Fair Value and Transaction Costs includes amounts recorded as deemed dividends of amortized transaction costs and the accreted portion of the allocated Warrant fair value related to the Company’s Series B Preferred Stock.

(3)

Basic and diluted earnings per common share are computed independently based on the weighted-average shares of common stock outstanding. Diluted earnings per common share also includes the impact of participating securities outstanding plus any incremental shares that would be outstanding assuming the exercise of the Warrants.