| Basic and Diluted Net Income per Share of Common Stock Using Two-Class Method |
The table below presents the computation of basic and diluted net income per share of common stock for the three and six months ended June 30, 2026 and 2025 ($ in thousands except per share data):
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Net income |
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$ |
25,779 |
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$ |
20,739 |
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$ |
52,006 |
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$ |
46,730 |
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Less: Preferred dividends |
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(3,068 |
) |
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(3,068 |
) |
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(6,136 |
) |
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(6,136 |
) |
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Less: Earnings attributable to participating securities |
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— |
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— |
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— |
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— |
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Less: Dividends on participating securities |
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(8,553 |
) |
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(556 |
) |
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(9,123 |
) |
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(1,117 |
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Net income attributable to common stockholders, basic and diluted |
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$ |
14,158 |
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$ |
17,115 |
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$ |
36,747 |
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$ |
39,477 |
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Number of Shares: |
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Basic weighted-average shares of common stock outstanding |
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131,022,330 |
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138,943,566 |
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135,043,996 |
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138,792,126 |
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Diluted weighted-average shares of common stock outstanding |
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131,597,073 |
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139,208,860 |
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135,634,057 |
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139,103,947 |
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Earnings Per Share Attributable to Common Stockholders |
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Basic |
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$ |
0.11 |
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$ |
0.12 |
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$ |
0.27 |
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$ |
0.28 |
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Diluted |
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$ |
0.11 |
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$ |
0.12 |
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$ |
0.27 |
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$ |
0.28 |
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