The table below is a reconciliation of the numerator and denominator used in the computation of basic and diluted net income per share computed using the two-class method (dollars in thousands):
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Three Months Ended
March 31, |
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2023 |
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2022 |
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Basic and diluted income: |
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Income from continuing operations |
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$ |
96,173 |
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$ |
56,056 |
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Less: dividends paid to preferred stockholders |
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(2,588 |
) |
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(2,588 |
) |
Less: dividends and income attributable to unvested restricted stock |
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(139 |
) |
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(131 |
) |
Net income attributable to common stockholders used in basic and diluted income per share |
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$ |
93,446 |
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$ |
53,337 |
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Basic weighted average shares of common stock outstanding: |
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Weighted average shares of common stock outstanding |
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141,300,527 |
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128,193,656 |
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Less: unvested weighted average shares of restricted stock |
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(244,677 |
) |
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(241,831 |
) |
Basic weighted average shares of common stock outstanding |
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141,055,850 |
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127,951,825 |
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Net income per share attributable to common stockholders - basic |
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$ |
0.66 |
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$ |
0.42 |
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Diluted weighted average shares of common stock outstanding: (1) |
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Plus: unvested market-based awards |
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— |
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318,351 |
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Plus: unsettled shares under open forward equity contracts |
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— |
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90,255 |
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Diluted weighted average shares of common stock outstanding |
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141,055,850 |
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128,360,431 |
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Net income per share attributable to common stockholders - diluted |
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$ |
0.66 |
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$ |
0.42 |
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Potentially dilutive shares of common stock related to: |
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Unvested restricted share awards |
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103,756 |
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110,203 |
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(1) Assumes the most dilutive issuance of potentially issuable shares between the two-class and treasury stock method unless the result would be anti-dilutive.
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