EARNINGS PER COMMON SHARE

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE

The net income (loss) per common share on the condensed consolidated statements of operations is based on the net income (loss) attributable to the Company’s Class A Common Stock or common units for the three and nine months ended September 30, 2024 and 2023, respectively.

Basic and diluted earnings per common share are calculated using the two-class method. The two-class method is an earnings allocation proportional to the respective ownership among holders of Class A Common Stock and participating securities. Basic net income (loss) per common share is calculated by dividing net income (loss) by the weighted-average shares of Class A Common Stock or common units outstanding during the period. Diluted net income (loss) per common share gives effect, when applicable, to unvested shares of Class A Common Stock granted under the LTIP.

A reconciliation of the components of basic and diluted earnings per common share is presented in the table below:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(In thousands, except per share amounts)
Net income (loss) attributable to the period	$	48,917	$	78,599	$	149,178	$	143,116
Less: distributed and undistributed earnings allocated to participating securities(1)	123		146		295		263
Net income (loss) attributable to common stockholders	$	48,794	$	78,453	$	148,883	$	142,853
Weighted average common shares outstanding:
Basic weighted average common shares outstanding	93,695		70,925		90,895		71,803
Effect of dilutive securities:
Potential common shares issuable(2)	52		—		94		—
Diluted weighted average common shares outstanding	93,747		70,925		90,989		71,803
Net income (loss) per common share, basic	$	0.52	$	1.11	$	1.64	$	1.99
Net income (loss) per common share, diluted	$	0.52	$	1.11	$	1.64	$	1.99

(1)    Unvested restricted stock units and performance restricted stock units that contain non-forfeitable distribution equivalent rights are considered participating securities and are therefore included in the earnings per share calculation pursuant to the two-class method.

(2)    For the three and nine months ended September 30, 2024 and 2023, there were no other significant potential common shares excluded from the computation of diluted earnings per common share.