Earnings per Share

6 Months Ended

Jun. 30, 2022

Note 9. Earnings per Share

We calculate basic earnings per share (“EPS”) using the two-class method, which defines unvested share-based payment awards that contain nonforfeitable rights to dividends as participating securities. Under the two-class method, earnings (distributed and undistributed) are allocated to common stock and participating securities based on their respective rights. Basic EPS is calculated by dividing our net income attributable to common stockholders minus participating securities' share in earnings by the weighted average number of shares of common stock outstanding during each period.

Diluted EPS is calculated under the more dilutive of the treasury stock or the two-class method. Under the treasury stock method, diluted EPS is calculated by dividing net income attributable to common stockholders by the weighted average number of shares of common stock outstanding plus the incremental potential shares of common stock assumed issued during the period if they are dilutive.

As of June 30, 2022 and 2021 we had no dilutive securities. As a result, basic and diluted EPS are the same. The calculation of basic and diluted EPS is as follows ($ in thousands, except for share and per share data):


	Three Months Ended					Six Months Ended
	June 30, 2022			June 30, 2021		June 30, 2022			June 30, 2021
Net income attributable to common stockholders	$	63,234		$	42,021	$	92,646		$	100,629
Dividends on participating securities		(799	)		-		(799	)		-
Participating securities' share in earnings		(31	)		-		-			-
Basic earnings	$	62,404		$	42,021	$	91,847		$	100,629
Weighted average number of common stock, basic and diluted		139,637,949			133,433,487		139,675,019			133,520,821
Net income per share of common stock, basic and diluted	$	0.45		$	0.31	$	0.66		$	0.75

For the six months ended June 30, 2022 and 2021, 204,908 and 0 weighted average unvested RSUs, respectively, were excluded from the calculation of diluted EPS because the effect was anti-dilutive. For the three months ended June 30, 2022 and 2021, 407,565 and 0 weighted average unvested RSUs, respectively, were excluded from the calculation of diluted EPS because the effect was anti-dilutive.