Equity and Earnings per Share ("EPS")

12 Months Ended

Dec. 31, 2022

Equity and Earnings per Share (“EPS”)

In the calculations of basic and diluted earnings per common share for the years ended December 31, 2022 and 2021, the Company included participating securities, which are certain equity awards that have non-forfeitable dividend participation rights. Dividends and undistributed earnings allocated to participating securities under the basic and diluted earnings per share calculations require specific shares to be included that may differ in certain circumstances, and the Company determined that this difference was not material. For the year ended December 31, 2022, there were 269,524 outstanding restricted stock awards and 56,978 performance share units that were antidilutive and thus not included in the diluted weighted average common shares outstanding. For the year ended December 31, 2021, no equity awards were antidilutive.

The following table sets forth the calculation of basic and diluted earnings per share for the year ended December 31, 2022 and 2021:


	December 31, 2022		December 31, 2021
	(in thousands, except share and per share data)
Basic Earnings per Common Share:
Net income allocable to common stockholders	$	(187,847)	$	21,098
Basic weighted average common shares outstanding	24,547,916		20,601,964
Basic earnings per common share	$	(7.65)	$	1.02
Diluted Earnings per Common Share:
Net income allocable to common stockholders	$	(187,847)	$	21,098
Net effect of dilutive equity awards	—		250,590
Diluted weighted average common shares outstanding	24,547,916		20,852,554
Diluted earnings per common share	$	(7.65)	$	1.01

Preferred Stock

On December 9, 2022, the Company redeemed its Series A preferred stock and cancelled the previously outstanding shares. The Company paid a redemption price to the preferred shareholders equivalent to the original purchase price per share (with no premium or discount) plus accrued dividends payable through the redemption date.