Earnings Per Share

6 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

The following table sets forth the computation of basic and diluted income per share (in thousands, except per share amounts):

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net income	$	43,262	$	25,698	$	60,008	$	27,863
Less: preferred dividends and accretion	14,788		13,749		29,231		27,251
Net income to common shareholders	$	28,474	$	11,949	$	30,777	$	612
Basic:
Weighted average shares	152,584		151,797		152,331		151,574
Income per share	$	0.19	$	0.08	$	0.20	$	—
Diluted:
Effect of restricted stock and performance awards	484		410		627		596
Weighted average shares	153,068		152,207		152,958		152,170
Income per share	$	0.19	$	0.08	$	0.20	$	—

Potentially dilutive common shares issuable pursuant to equity-based awards of 1,467,345 and 1,242,226 were excluded from the computation of diluted earnings per share for the three and six months ended June 30, 2025, respectively, as their effect would have been antidilutive. For the three and six months ended June 30, 2024, shares of 479,623 and 473,074 were also excluded for the same reason.

In addition, there were no potentially dilutive common shares issuable pursuant to the Convertible Notes for both the six months ended June 30, 2025 and 2024, as the average market price of the Company’s common stock did not exceed the applicable conversion price during those periods.