Grants of restricted stock and restricted stock units (“RSUs”) of the Company in share-based payment transactions are considered participating securities prior to vesting and, therefore, are considered in computing basic earnings per share under the two-class method. The two-class method is an earnings allocation method for calculating earnings per share when a company’s capital structure includes either two or more classes of common stock or common stock and participating securities. Earnings per basic share under the two-class method is calculated based on dividends declared on common shares and other participating securities (“distributed earnings”) and the rights of participating securities in any undistributed earnings, which represents net income remaining after deduction of dividends accruing during the period. The undistributed earnings are allocated to all outstanding common shares and participating securities based on the relative percentage of each security to the total number of outstanding participating securities. Earnings per basic share represents the summation of the distributed and undistributed earnings per share class divided by the total number of shares.

Through June 30, 2026, all of the Company’s participating securities received dividends or dividend equivalents at an equal dividend rate per share or unit. As a result, distributions to participating securities for the three and six months ended June 30, 2026 and 2025 have been included in net income attributable to common stockholders to calculate net income per basic and diluted share. The 1,019,877 and 512,756 shares necessary to settle the Exchangeable Notes under the if-converted method were dilutive for the three and six months ended June 30, 2026, respectively, and were included in the computation of diluted earnings per share.


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2026		2025		2026			2025
Net income	$	43,852	$	26,024	$	76,661		$	57,101
Preferred stock dividends	(3,187)		(878)		(5,841)			(1,659)
Distribution to participating securities	(1,150)		(758)		(2,133)			(1,505)
Net income attributable to common stockholders used to compute net income per share (basic)	39,515		24,388		68,687			53,937
Cash and non-cash interest on Exchangeable Notes	1,150		—		1,150			—
Net income attributable to common stockholders used to compute net income per share (diluted)	$	40,665	$	24,388	$	69,837		$	53,937

Weighted-average common shares outstanding:
Basic	28,443,143		27,924,092		28,218,773			28,098,850
Restricted stock and RSUs	529,228		393,601		502,400			353,261
Dilutive effect of Exchangeable Notes	1,019,877		—		512,756			—
Diluted	29,992,248		28,317,693		29,233,929		—	28,452,111
Net income attributable to common stockholders per share:
Basic	$	1.39	$	0.87	$	2.43		$	1.92
Diluted	$	1.36	$	0.86	$	2.39		$	1.90