Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v3.23.2
Earnings Per Share
 6 Months Ended
Jun. 30, 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)

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Numerator

 

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

 

$

94,775

 

 

$

(10,318

)

 

$

189,339

 

 

$

(13,654

)

Less: Total distributions declared

 

 

(67,379

)

 

 

(59,993

)

 

 

(132,153

)

 

 

(117,875

)

Total Earnings (loss), net of total distributions

 

 

27,396

 

 

 

(70,311

)

 

 

57,186

 

 

 

(131,529

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss), net of distributions attributable to common shares

 

 

27,108

 

 

 

(70,311

)

 

 

56,552

 

 

 

(131,529

)

Add: Distributions declared attributable to common shares

 

 

66,672

 

 

 

59,431

 

 

 

130,696

 

 

 

116,693

 

Numerator for basic and diluted change in net assets per common share

 

$

93,780

 

 

$

(10,880

)

 

$

187,248

 

 

$

(14,836

)

 

 

 

 

 

 

 

 

 

 

 

 

Denominator

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average common shares outstanding

 

 

141,390

 

 

 

124,255

 

 

 

138,338

 

 

 

121,292

 

Common shares issuable

 

 

694

 

 

 

—

 

 

 

1,249

 

 

 

—

 

Weighted average common shares outstanding assuming dilution

 

 

142,084

 

 

 

124,255

 

 

 

139,587

 

 

 

121,292

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in net assets per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.66

 

 

$

(0.09

)

 

$

1.35

 

 

$

(0.12

)

Diluted

 

$

0.66

 

 

$

(0.09

)

 

$

1.34

 

 

$

(0.12

)

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. For three and six months ended June 30, 2022, as the Company had a net loss, the effect of unvested stock options, restricted stock units and awards, and Performance Awards were anti-dilutive, and therefore have been excluded from the calculation of diluted loss 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 and six months ended June 30, 2023, and 2022, 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 June 30,

 

 

Six Months Ended June 30,

 

Anti-dilutive Securities

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Unvested common stock options

 

 

3,146

 

 

 

16

 

 

 

2,499

 

 

 

24

 

Restricted stock units

 

 

9,555

 

 

 

2

 

 

 

8,714

 

 

 

17

 

Unvested restricted stock awards

 

 

65,346

 

 

 

—

 

 

 

59,854

 

 

 

—

 

Performance awards*

 

 

—

 

 

 

1,685

 

 

 

—

 

 

 

1,116

 

*Included in these amounts are shares related to certain equity-based awards, which fully vested in May 2022 and delivered in May 2023 and thus no longer outstanding for purposes of calculating earnings per share.

As of June 30, 2023 and December 31, 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.