Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Error Corrections and Prior Period Adjustments

The following tables reflect the effects of the correction on all affected line items of the Company’s previously reported condensed consolidated financial statements to be presented as comparative in the Form 10-Q for the three months ended March 31, 2024:

Condensed Consolidated Statements of Operations (unaudited)


	Three Months Ended March 31, 2023
(in thousands)	As Previously Reported		Adjustments		As Corrected
Change in fair value of derivative assets	$	(1,950)	$	1,950	$	—
Total other income (expense)	(11,450)		1,950		(9,500)
Income before income tax benefit	36,008		1,950		37,958
Income tax expense (benefit)	9,876		(1,553)		8,323
Net income	26,132		3,503		29,635
Net income to common shareholders	$	13,648	$	3,503	$	17,151
Income per common share
Basic	$	0.09	$	0.02	$	0.11
Diluted	$	0.09	$	0.02	$	0.11

Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited)


	Three Months Ended March 31, 2023
(in thousands)	As Previously Reported		Adjustments		As Corrected
Net income	$	26,132	$	3,503	$	29,635
Comprehensive income	$	40,004	$	3,503	$	43,507

Condensed Consolidated Statements of Changes in Redeemable Perpetual Preferred Stock and Stockholders’ Equity (unaudited)


	Three Months Ended March 31, 2023
(in thousands)	Additional Paid-In Capital		Accumulated Deficit		Total Stockholders’ Equity
As Previously Reported
Balance at December 31, 2022	$	383,176	$	(267,470)	$	124,281
Correction of the Capped Call and Put Option errors	52,914		—		52,914
Net income	—		26,132		26,132
Balance at March 31, 2023	426,221		(241,338)		207,330
Adjustments
Correction of the Capped Call and Put Option errors	(52,914)		—		(52,914)
Net income	—		3,503		3,503
As Corrected
Balance at December 31, 2022	383,176		(267,470)		124,281
Correction of the Capped Call and Put Option errors	—		—		—
Net income	—		29,635		29,635
Balance at March 31, 2023	$	373,307	$	(237,835)	$	157,919

Condensed Consolidated Statements of Cash Flows (unaudited)


	Three Months Ended March 31, 2023
(in thousands)	As Previously Reported		Adjustments		As Corrected
Net income	$	26,132	$	3,503	$	29,635
Deferred tax expense (benefit)	4,555		(1,553)		3,002
Change in fair value of derivative assets	$	1,950	$	(1,950)	$	—