Earnings Per Share

3 Months Ended

Mar. 31, 2022

Basic earnings per share is computed by dividing net income attributable to common stockholders by the number of weighted average shares of voting common stock outstanding, including unvested restricted stock awards which contain rights to non-forfeitable dividends. Diluted earnings per share is computed by dividing net income attributable to common stockholders by the number of weighted average shares of voting common stock outstanding, adjusted for the dilutive impact of unissued shares paid to directors as compensation. A reconciliation of the number of shares used in the calculation of basic and diluted earnings per share for the three months ended March 31, 2022 and 2021 follows:


	Three Months Ended March 31,
	2022	2021
Weighted average number of common shares outstanding	77,224,165	80,608,996
Effect of non-participatory equity compensation	25,000	40,000
Weighted average number of common shares outstanding, including effect of dilutive securities	77,249,165	80,648,996