Earnings Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

The following table sets forth the compilation of basic and diluted net earnings per share for the three and nine months ended September 30, 2024 and 2023:

	Three months ended September 30,				Nine months ended September 30,
($ in thousands, except for share and per share amounts)	2024		2023		2024		2023
Numerator
Net income	$	36,668	$	21,711	$	104,422	$	56,719
Less: Undistributed income allocated to participating securities	—		—		—		(1,492)
Net income attributable to common stockholders (numerator for basic earnings per share)	36,668		21,711		104,422		55,227
Add back: Undistributed income allocated to participating securities	—		—		—		1,492
Net income (numerator for diluted earnings per share under the two-class method)	$	36,668	$	21,711	$	104,422	$	56,719
Denominator
Basic weighted-average common shares	40,098,345		36,743,393		40,039,269		35,502,843
Dilutive effect of preferred shares	—		—		—		959,124
Dilutive effect of stock notes	—		706,794		—		684,017
Dilutive effect of stock units	932,030		799,982		895,468		609,601
Dilutive effect of options	398,182		153,674		367,371		74,846
Diluted weighted-average common share equivalents	41,428,557		38,403,843		41,302,108		37,830,431
Basic earnings per share	$	0.91	$	0.59	$	2.61	$	1.56
Diluted earnings per share	$	0.89	$	0.57	$	2.53	$	1.50

The Company’s preferred shares participate in dividends and distributions with common stock on an as-converted basis and represent a participating security. Instruments awarded to employees that provide the holder the right to purchase common stock at a fixed price were included as potential common shares, weighted for the portion of the period they were granted, if dilutive.

The following table presents anti-dilutive instruments that were excluded from the calculation of diluted weighted-average common share equivalents during the three and nine months ended September 30, 2024 and 2023:

	Three months ended September 30,		Nine months ended September 30,
	2024	2023	2024	2023
Stock units	7,152	5,069	165,072	4,546
Options	16	2	561	364,714

The following table presents common share equivalents of contingently issuable instruments that were excluded from basic earnings per share in the three and nine months ended September 30, 2024 and 2023:

	Three months ended September 30,		Nine months ended September 30,
	2024	2023	2024	2023
Common shares	—	932,588	—	932,588