Earnings Per Share

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2022 and 2021 follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Weighted average number of common shares outstanding	73,739,316	79,497,482	75,575,189	80,272,613
Effect of non-participatory equity compensation	25,399	25,845	25,399	25,845
Weighted average number of common shares outstanding, including effect of dilutive securities	73,764,715	79,523,327	75,600,588	80,298,458