Stockholders' Equity and Earnings per Common Share

6 Months Ended

Jun. 30, 2022

Stockholders' Equity and Earnings per Common Share

Note 7 - Stockholders’ Equity and Earnings per Common Share

Stockholders’ Equity

Holders of our common stock are entitled to one vote for each share.

On March 2, 2021, we entered into a distribution agreement with J.P. Morgan Securities LLC, Barclays Capital Inc., B. Riley Securities, Inc., JMP Securities LLC and Raymond James & Associates, Inc. as sales agents, to sell shares of our common stock having an aggregate gross sales price of up to $200,000,000, from time to time, through an “at-the-market” equity offering program (the “ATM Program”). We have no obligation to sell any shares under the ATM Program, and sold no shares under the ATM Program during the three and six months ended June 30, 2022 and 2021.

As of June 30, 2022 and December 31, 2021 there were 41.7 million public warrants outstanding and 5.2 million private placement warrants outstanding. In the aggregate, we have outstanding warrants to purchase approximately 15.6 million shares of common stock at a price of $11.50 per whole share. Settlement of outstanding warrants will be in shares of our common stock, unless we elect (solely in our discretion) to settle warrants we have called for redemption in cash, and subject to customary adjustment in the event of business combinations and certain tender offers.

The liability for the private placement warrants was $1.7 million as of June 30, 2022 and is included in accounts payable and accrued liabilities in the condensed consolidated balance sheet.

Earnings per Common 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, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Net income	$	15,946	$	18,252	$	34,020	$	38,633
Basic weighted-average shares of common stock outstanding		132,812,622		132,585,116		132,803,085		132,567,768
Dilutive effect of share-based compensation – unvested restricted stock units		118,099		61,273		92,497		68,656
Diluted weighted-average shares of common stock outstanding		132,930,721		132,646,389		132,895,582		132,636,425
Basic earnings per share	$	0.12	$	0.14	$	0.26	$	0.29
Diluted earnings per share	$	0.12	$	0.14	$	0.26	$	0.29

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


	Three Months Ended				Six Months Ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Weighted-average restricted stock units outstanding		378,922		596,978		315,350		539,645
Unexercised public warrants and private placement warrants		15,604,279		15,604,304		15,604,279		15,604,304
Total stock equivalents excluded		15,983,201		16,201,282		15,919,629		16,143,949