Quarterly report [Sections 13 or 15(d)]

Earnings Per Share

v3.25.2
Earnings Per Share
6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Shares used in the computation of the Company’s basic and diluted earnings per share are as follows:
(in thousands, except per share data) Three Months Ended June 30, Six Months Ended June 30,
  2025 2024 2025 2024
Numerator
Net increase (decrease) in net assets resulting from operations $ 78,887  $ 41,852  $ 129,224  $ 132,816 
Less: Total distributions declared (83,083) (77,894) (164,467) (153,925)
Total Earnings (loss), net of total distributions (4,196) (36,042) (35,243) (21,109)
Earnings (loss), net of distributions attributable to common shares (4,196) (36,042) (35,244) (21,110)
Add: Distributions declared attributable to common shares 82,381  77,157  162,997  152,387 
Numerator for basic change in net assets per common share 78,185  41,115  127,753  131,277 
Add: Income impact of assumed conversion of 2028 Convertible Notes 4,076 4,980 
Numerator for diluted change in net assets per common share $ 82,261  $ 41,115  $ 132,733  $ 131,277 
Denominator
Basic weighted average common shares outstanding 176,809 160,748 173,231 159,096
Incremental shares from assumed conversion of 2028 Convertible Notes 13,387 8,329
Common shares issuable 581 561 599 518
Weighted average common shares outstanding assuming dilution 190,777 161,309 182,159 159,614
Change in net assets per common share:
Basic $ 0.44  $ 0.26  $ 0.74  $ 0.83 
Diluted $ 0.43  $ 0.25  $ 0.73  $ 0.82 
In the table above, unvested share-based payment awards that have non-forfeitable rights to distributions or distribution equivalents are treated as participating securities for calculating earnings per share. Unvested common stock options and restricted stock units are also considered for the purpose of calculating diluted earnings per share.
The issuance of the 2028 Convertible Notes is considered part of the if-converted method for calculation of diluted earnings per share. In applying the if-converted method, conversion is not assumed for purposes of computing diluted earnings per share if the effect would be anti-dilutive. For the three and six months ended June 30, 2025, there was no anti-dilution when applying the if-converted method for the 2028 Convertible Notes.
The calculation of change in net assets resulting from operations per common share assuming dilution, excludes all anti-dilutive shares. For the three and six months ended June 30, 2025 and 2024, the number of anti-dilutive shares, as calculated based on the weighted average closing price of the Company’s common stock for the periods, are as follows:
Three Months Ended June 30, Six Months Ended June 30,
Anti-dilutive Securities 2025 2024 2025 2024
Unvested common stock options 148 798 1,061 1,401
Unvested restricted stock awards 3,260 147 1,642 521
As of June 30, 2025 and December 31, 2024, the Company was authorized to issue 300.0 million shares of common stock with a par value of $0.001. Each share of common stock entitles the holder to one vote.