Net Income Per Share (Tables)

3 Months Ended

Mar. 31, 2025

Reconciliation of Common Shares Used for Basic and Diluted Earnings Per Share

The following table provides a reconciliation of the weighted average shares denominator used for basic net income per share to the denominator used for diluted net income per share:



Three Months Ended March 31,	2025	2024
Basic weighted average shares outstanding denominator	47,313,012	45,827,076
Effect of potential dilutive shares :


Restricted stock units	—	—
Performance stock units (1)	—	—
Diluted weighted average shares outstanding denominator	47,313,012	45,827,076
Anti-dilutive shares excluded from the above reconciliation:


Restricted stock units	411,433	88,468
Performance stock units (1)	145,197	—

(1) Performance stock units are reflected based on the performance metrics through the balance sheet date. Vesting of these units is contingent upon meeting certain performance metrics. Although a portion of these performance metrics have been achieved as of the respective period end, it is possible that awards may no longer meet the metric at the end of the performance period.

Schedule of Earnings Per Share, Basic and Diluted

The following table provides a reconciliation of net income attributable to common stockholders to the numerator in the basic and diluted earnings per share calculation, together with the resulting earnings per share amounts:



Three Months Ended March 31,	2025		2024
Net income (loss) attributable to common stockholders	$	(46,391)	$	20,070
Adjustment of NCI to fair value	(10,276)		—
Adjustment to redemption value (ASC 480)	(907)		53
Numerator of basic and diluted EPS	$	(57,574)	$	20,123
Per Share:
Basic	$	(1.22)	$	0.44
Diluted	$	(1.22)	$	0.44

Schedule of Repurchased Shares

The following table shows shares repurchased by year.


($ in thousands, except per share)	Year Ended December 31,						YTD 2025
	2022		2023		2024
Shares repurchased	1,605,316		325,068		937,141		264,791
Total cost	$	14,217	$	4,510	$	11,698	$	3,122
Average purchase price per share	$	8.86	$	13.88	$	12.48	$	11.79
Unused authorization amount							$	35,179