| Earnings Per Share |
Earnings Per Share Shares used in the computation of the Company’s basic and diluted earnings per share are as follows:
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| (in thousands, except per share data) |
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Year Ended December 31, |
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2025 |
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2024 |
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2023 |
| Numerator |
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| Net increase (decrease) in net assets resulting from operations |
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$ |
339,737 |
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$ |
262,966 |
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$ |
337,484 |
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| Less: Total distributions declared |
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(335,263) |
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(312,244) |
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(278,301) |
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| Total Earnings (loss), net of total distributions |
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4,474 |
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(49,278) |
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59,183 |
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| Earnings (loss), net of distributions attributable to common shares |
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4,438 |
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(49,278) |
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58,593 |
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| Add: Distributions declared attributable to common shares |
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332,587 |
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309,413 |
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275,548 |
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| Numerator for basic change in net assets per common share |
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337,025 |
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260,135 |
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334,141 |
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Add: Income impact of assumed conversion of 2028 Convertible Notes |
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13,174 |
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— |
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— |
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| Numerator for diluted change in net assets per common share |
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$ |
350,199 |
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$ |
260,135 |
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$ |
334,141 |
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| Denominator |
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| Basic weighted average common shares outstanding |
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177,392 |
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161,082 |
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144,091 |
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| Incremental shares from assumed conversion of 2028 Convertible Notes |
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10,859 |
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— |
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— |
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| Common shares issuable |
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610 |
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517 |
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735 |
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| Weighted average common shares outstanding assuming dilution |
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188,861 |
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161,599 |
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144,826 |
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| Change in net assets per common share: |
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| Basic |
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$ |
1.90 |
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$ |
1.61 |
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$ |
2.32 |
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| Diluted |
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$ |
1.85 |
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$ |
1.61 |
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$ |
2.31 |
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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 year ended December 31, 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 years ended December 31, 2025, 2024 and 2023, 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:
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Year Ended December 31, |
| Anti-dilutive Securities |
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2025 |
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2024 |
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2023 |
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| Unvested common stock options |
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1,324 |
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1,105 |
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1,496 |
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| Restricted stock units |
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— |
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— |
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4,357 |
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| Unvested restricted stock awards |
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917 |
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298 |
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30,028 |
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