| Schedule of Basic and Diluted 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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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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(in thousands, except per share data) |
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2022 |
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2021 |
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2022 |
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2021 |
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Numerator |
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Net increase in net assets resulting from operations |
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$ |
53,202 |
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$ |
23,549 |
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$ |
39,548 |
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$ |
170,443 |
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Less: Distributions declared-common and restricted shares |
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(63,950 |
) |
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(45,190 |
) |
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(181,825 |
) |
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(133,143 |
) |
(Over-)Undistributed earnings (loss) |
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(10,748 |
) |
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(21,641 |
) |
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(142,277 |
) |
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37,300 |
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Undistributed earnings-common shares |
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(10,748 |
) |
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(21,641 |
) |
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(142,277 |
) |
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|
36,931 |
|
Add: Distributions declared-common shares |
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63,421 |
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|
44,770 |
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|
180,114 |
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131,829 |
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Numerator for basic and diluted change in net assets per common share |
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$ |
52,673 |
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$ |
23,129 |
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$ |
37,837 |
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$ |
168,760 |
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Denominator |
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Basic weighted average common shares outstanding |
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127,484 |
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|
114,805 |
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|
123,379 |
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|
114,590 |
|
Incremental shares from assumed conversion of 2022 Convertible Notes |
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— |
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|
661 |
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— |
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|
293 |
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Common shares issuable |
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|
1,850 |
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|
773 |
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|
1,388 |
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|
667 |
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Weighted average common shares outstanding assuming dilution |
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129,334 |
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|
116,239 |
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124,767 |
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|
115,550 |
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Change in net assets per common share |
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Basic |
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$ |
0.41 |
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$ |
0.20 |
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$ |
0.31 |
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$ |
1.47 |
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Diluted |
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$ |
0.41 |
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$ |
0.20 |
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$ |
0.30 |
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$ |
1.46 |
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| Schedule of Number of Anti-diluted Shares As Calculated Based on Weighted Average Closing Price of Common Stock |
The calculation of change in net assets resulting from operations per common share assuming dilution, excludes all anti-dilutive shares. For the three and nine months ended September 30, 2022, and 2021, 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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Three months ended September 30, |
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Nine Months Ended September 30, |
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Anti-dilutive Securities |
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2022 |
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2021 |
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2022 |
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2021 |
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2022 Convertible Notes |
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— |
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— |
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— |
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— |
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Unvested common stock options |
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|
865 |
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|
198 |
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|
1,725 |
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|
88 |
|
Restricted stock units* |
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— |
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— |
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— |
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— |
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Unvested restricted stock awards |
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3,982 |
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|
710 |
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|
1,611 |
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|
720 |
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Performance awards* |
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— |
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— |
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— |
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— |
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*Included in these amounts are shares related to certain equity-based awards, which are fully-vested but have not been delivered and thus not outstanding for purposes of calculating earnings per share.
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