The following table sets forth the calculation of basic and diluted earnings per common share based on the weighted average number of shares of common stock outstanding (dollars in thousands, except share and per share data):



	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net income	$	20,631	$	24,715	$	34,350	$	41,459
Preferred stock dividends(1)	(3,148)		(3,148)		(6,296)		(6,296)
Participating securities' share in earnings	(602)		(541)		(1,213)		(1,082)


Net income attributable to common stockholders	$	16,881	$	21,026	$	26,841	$	34,081
Weighted average common shares outstanding, basic	79,474,862		79,456,745		80,221,098		78,662,740

Weighted average common shares outstanding, diluted	80,208,877		80,907,705		80,918,798		79,604,665
Earnings per common share, basic(2)	$	0.21	$	0.26	$	0.33	$	0.43
Earnings per common share, diluted(2)	$	0.21	$	0.26	$	0.33	$	0.43

(1)Includes preferred stock dividends declared and paid on outstanding shares of Series A Preferred Stock and Series C Preferred Stock.

(2)Basic and diluted earnings per common share are computed independently based on the weighted average shares of common stock outstanding. Diluted earnings per common share includes the impact of participating securities outstanding. Prior to the May 8, 2024 Warrant exercise, diluted earnings per common share included any incremental shares that would be outstanding assuming the exercise of the Warrants. The sum of the quarterly earnings (loss) per common share amounts may not agree to the total for the six months ended June 30, 2025 and 2024.