| 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 | | | | | | | | | | | | | | | | | | |
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