v3.25.2
Earnings Per Share
12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The following table sets forth the compilation of basic and diluted net earnings per share for the years ended December 31, 2024, 2023 and 2022:
($ in thousands, except for share and per share amounts)202420232022
Numerator
Net income$118,828 $85,984 $39,396 
Less: Undistributed income allocated to participating securities (1,677)(18,879)
Net income attributable to common stockholders (numerator for basic earnings per share)118,828 84,307 20,517 
Add back: Undistributed income allocated to participating securities 1,677 18,879 
Net income (numerator for diluted earnings per share under the two-class method)$118,828 $85,984 $39,396 
Denominator
Basic weighted-average common shares40,056,47536,031,90716,568,393
Dilutive effect of preferred shares716,70815,245,533
Dilutive effect of stock notes696,110519,080
Dilutive effect of stock units917,510736,837320,188
Dilutive effect of options403,475135,972
Diluted weighted-average common share equivalents41,377,46038,317,53432,653,194
Basic earnings per share$2.97 $2.34 $1.24 
Diluted earnings per share$2.87 $2.24 $1.21 
The Company’s preferred shares participate in dividends and distributions with common stock on an as-converted basis and represent a participating security. Instruments awarded to employees that provide the holder the right to purchase common stock at a fixed price were included as potential common shares, weighted for the portion of the period they were granted, if dilutive.
The following table presents anti-dilutive instruments that were excluded from the calculation of diluted weighted-average common share equivalents during the years ended December 31, 2024, 2023 and 2022:
202420232022
Stock Notes60,576
Stock units20,3463,931
Options859914
The following table presents common share equivalents of contingently issuable instruments that were excluded from basic earnings per share in the years ended December 31, 2024, 2023 and 2022:
202420232022
Common shares 920,86422,919
Preferred shares, if converted  1,059,602
  Total 920,8641,082,521