Quarterly report [Sections 13 or 15(d)]

Earnings Per Share

v3.25.1
Earnings Per Share
3 Months Ended
Mar. 31, 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 March 31,
  2025 2024
Numerator
Net increase (decrease) in net assets resulting from operations $ 50,337  $ 90,964 
Less: Total distributions declared (81,384) (76,031)
Total Earnings (loss), net of total distributions (31,047) 14,933 
Earnings (loss), net of distributions attributable to common shares (31,048) 14,776 
Add: Distributions declared attributable to common shares 80,616  75,230 
Numerator for basic change in net assets per common share 49,568  90,006 
Add: Income impact of assumed conversion of 2028 Convertible Notes 904
Numerator for diluted change in net assets per common share $ 50,472  $ 90,006 
Denominator
Basic weighted average common shares outstanding 171,494 157,445
Incremental shares from assumed conversion of 2028 Convertible Notes 3,272
Common shares issuable 617 475
Weighted average common shares outstanding assuming dilution 175,383 157,920
Change in net assets per common share:
Basic $ 0.29  $ 0.57 
Diluted $ 0.29  $ 0.57 
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 months ended March 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 three months ended March 31, 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 March 31,
Anti-dilutive Securities 2025 2024
Unvested common stock options 1,974 2,004
Unvested restricted stock awards 23 895
As of March 31, 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.