Earnings Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per ShareBasic 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, 2023 and 2022 follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Weighted average number of common shares outstanding	67,252,265	73,739,316	68,205,621	75,575,189
Effect of non-participatory equity compensation	14,965	25,399	14,965	25,399
Weighted average number of common shares outstanding, including effect of dilutive securities	67,267,230	73,764,715	68,220,586	75,600,588