Hercules Capital, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

Earnings Per Share

3 Months Ended

Mar. 31, 2024

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 March 31,
	2024		2023
Numerator
Net increase (decrease) in net assets resulting from operations	$	90,964	$	94,564
Less: Total distributions declared	(76,031)		(64,774)
Total Earnings (loss), net of total distributions	14,933		29,790

Earnings (loss), net of distributions attributable to common shares	14,776		29,442
Add: Distributions declared attributable to common shares	75,230		64,023
Numerator for basic and diluted change in net assets per common share	$	90,006	$	93,465

Denominator
Basic weighted average common shares outstanding	157,445		135,252
Common shares issuable	475		1,804
Weighted average common shares outstanding assuming dilution	157,920		137,056

Change in net assets per common share:
Basic	$	0.57	$	0.69
Diluted	$	0.57	$	0.68

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 calculation of change in net assets resulting from operations per common share assuming dilution, excludes all anti-dilutive shares. For the three months ended March 31, 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:


	Three Months Ended March 31,
Anti-dilutive Securities	2024	2023
Unvested common stock options	2,004	1,853
Restricted stock units	—	7,874
Unvested restricted stock awards	895	54,361

As of March 31, 2024 and December 31, 2023, the Company was authorized to issue 200.0 million shares of common stock with a par value of $0.001. Each share of common stock entitles the holder to one vote.