Stockholders' Equity and Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2021

Stockholders' Equity and Members' Equity

Schedule of assumptions used in estimating fair value of derivative liability

	As of June 30, 2021
Expected volatility		23.0	%
Expected dividend yield		7.4	%
Expected life (in years)		3.38
Risk-free interest rate		0.5	%

Schedule of basic and diluted earnings per share

The table below presents the computation of basic and diluted net income per share of common stock for the periods presented:

	Three Months Ended				Six Months Ended
(dollars in thousands, except share and per share data):	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Net income	$	18,252	$	15,844	$	38,633	$	42,313
Basic weighted-average shares of common stock outstanding		132,585,116		132,165,005		132,567,768		132,120,290
Dilutive effect of share-based compensation		61,273		—		68,656		—
Diluted weighted-average shares of common stock outstanding		132,646,389		132,165,005		132,636,425		132,120,290
Basic earnings per share	$	0.14	$	0.12	$	0.29	$	0.32
Diluted earnings per share	$	0.14	$	0.12	$	0.29	$	0.32

Schedule of denominators used in basic and diluted earnings per share

For the periods presented, the following table reconciles the denominators used in the basic and diluted earnings per share calculations:

	Three Months Ended				Six Months Ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Denominator for basic earnings per share calculation		132,585,116		132,165,005		132,567,768	$	132,120,290
Effect of dilutive securities:
Unvested restricted stock units		61,273		—		68,656		—
Denominator for diluted earnings per share calculation		132,646,389		132,165,005		132,636,424		132,120,290

Schedule of stock equivalents excluded from diluted net income per share

For the periods presented, the following stock equivalents were excluded from the calculations of diluted earnings per share because their effect would have been antidilutive:

	Three Months Ended				Six Months Ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Weighted-average restricted stock units outstanding		596,978		792,480		539,645		642,185
Effect of dilutive securities:
Unexercised public and private warrants		15,604,304		15,604,329		15,604,304		15,604,329
Total stock equivalents		16,201,282		16,396,809		16,143,949		16,246,514