Annual report pursuant to Section 13 and 15(d)

Earnings Per Share

v3.24.0.1
Earnings Per Share
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Earnings Per Share
9. 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) Year Ended December 31,
2023 2022 2021
Numerator         
Net increase (decrease) in net assets resulting from operations $ 337,484  $ 102,081  $ 174,155 
Less: Total distributions declared (278,301) (249,077) (179,575)
Total Earnings, net of total distributions 59,183  (146,996) (5,420)
        
Earnings, net of distributions attributable to common shares 58,593  (146,995) (5,420)
Add: Distributions declared attributable to common shares 275,548  246,873  177,864 
Numerator for basic and diluted change in net assets per common share $ 334,141  $ 99,878  $ 172,444 
        
Denominator         
Basic weighted average common shares outstanding 144,091  125,189  114,742 
Incremental shares from assumed conversion of 2022 Convertible Notes —  —  512 
Common shares issuable 735  1,470  701 
Weighted average common shares outstanding assuming dilution 144,826  126,659  115,955 
Change in net assets per common share:
Basic $ 2.32  $ 0.80  $ 1.50 
Diluted $ 2.31  $ 0.79  $ 1.49 
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. Diluted EPS was computed using the if-converted method as it was determined to be the most dilutive method.
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, 2023, 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:
  Year Ended December 31,
Anti-dilutive Securities 2023 2022 2021
Unvested common stock options 1,496 2,085 690
Restricted stock units* 4,357 — 20
Unvested restricted stock awards 30,028 2,116 861
*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.
As of December 31, 2023 and 2022, 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.