Annual report pursuant to Section 13 and 15(d)

Equity and Earnings Per Share

v3.22.4
Equity and Earnings Per Share
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Equity and Earnings Per Share EQUITY AND EARNINGS PER SHARE
Equity Offering
On March 9, 2021, we closed on an underwritten public offering of 2,500 shares of our Class A common stock at a public offering price of $44.00 per share. Net proceeds from the offering were $104,326, after deducting offering costs of $5,674. On March 15, 2021, we closed on the underwriters’ option to purchase 375 additional shares of Class A common stock from us, resulting in net proceeds of $15,758 after deducting offering costs of $742. We used $80,000 of the net proceeds to repay in full the outstanding U.S. dollar balance under our senior secured revolving credit facility and used the remaining proceeds for general corporate purposes.
In the offering, selling shareholders sold 805 shares of our Class A Common Stock at a public offering price of $44.00 per share, less the underwriting discount. We did not receive any proceeds from the sale of the shares by the selling stockholders.
Common and Preferred Stock
The rights of the holders of our Class A common stock and Class B common stock are identical, except with respect to voting and conversion. Each share of our Class A common stock is entitled to one vote per share and is not convertible into any other shares of our capital stock. Each share of our Class B common stock is entitled to five votes per share, is convertible at any time into one share of Class A common stock at the option of the holder of such share and will automatically convert into one share of Class A common stock upon the occurrence of certain specified events, including a transfer of such shares (other than to such holder’s family members, descendants or certain affiliated persons or entities). Our Board of Directors is authorized to fix the rights and terms for any series of preferred stock without additional shareholder approval.
Earnings Per Share
The following is a reconciliation of the numerator and denominator for the computation of basic and diluted earnings per share:
Year Ended December 31,
2022 2021 2020
Numerator:
Net income attributable to common shareholders $ 94,926  $ 70,458  $ 54,052 
Adjustment for accretion of tax equity financing fees (116) (116) (121)
Income attributable to common shareholders $ 94,810  $ 70,342  $ 53,931 
Denominator:
Basic weighted-average shares outstanding 51,841  50,855  47,702 
Effect of dilutive securities:
Stock options 1,437  1,413  1,304 
Diluted weighted-average shares outstanding 53,278  52,268  49,006 
Net income per share attributable to common shareholders:
Basic $ 1.83  $ 1.38  $ 1.13 
Diluted $ 1.78  $ 1.35  $ 1.10 
Potentially dilutive shares (1)
1,108  1,443  1,199 
(1) Potentially dilutive shares attributable to stock options were excluded from the computation of diluted earnings per share as the effect would have been anti-dilutive.