v3.25.2
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
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 shares—716,70815,245,533
Dilutive effect of stock notes—696,110519,080
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 
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
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 Notes——60,576
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