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Three Months Ended December 31, |
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2022 |
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2021 |
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$ |
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Per Share |
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$ |
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Per Share |
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(dollars in thousands, except per share amounts) |
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Net income attributable to controlling stockholders (1) |
$ (19,928) |
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$ (0.22) |
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$ 62,420 |
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$ 0.71 |
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Distributable earnings adjustments: |
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Reverse GAAP (income) loss from equity method investments |
27,241 |
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(56,903) |
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Add equity method investments earnings |
32,802 |
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|
27,135 |
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Equity-based compensation charges |
2,108 |
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|
3,544 |
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Provision for loss on receivables |
6,576 |
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(2,399) |
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Gain (loss) on debt modification or extinguishment |
— |
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|
— |
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Other adjustments (2) |
(5,912) |
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|
6,890 |
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Distributable earnings (3) |
$ 42,887 |
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$ 0.47 |
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$ 40,687 |
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$ 0.47 |
(1) The per share amounts represent GAAP diluted earnings per share and is the most comparable GAAP measure to our distributable earnings per share.
(2) See Other adjustments table.
(3) Distributable earnings per share for the three months ended December, 2022 and 2021, are based on 91,536,442 shares and 87,143,351 shares outstanding, respectively, which represents the weighted average number of fully-diluted shares outstanding including our restricted stock awards, restricted stock units, long-term incentive plan units, and the non-controlling interest in our operating partnership. We include any potential common stock issuances related to share based compensation units in the amount we believe is reasonably certain to vest. As it relates to Convertible Notes, we will assess the market characteristics around the instrument to determine if it is more akin to debt or equity based on an expectation of the likelihood of conversion based on current conditions. If the instrument is more debt-like then we will include any related interest expense and exclude the underlying shares issuable upon conversion of the instrument. If the instrument is more equity-like and is more dilutive when treated as equity then we will exclude any related interest expense and include the weighted average shares underlying the instrument.