INCOME PER SHARE

6 Months Ended

Jun. 30, 2025

INCOME PER SHARE

INCOME PER SHARE

4. INCOME PER SHARE:

The computation of basic and diluted earnings per common share is as follows (in thousands, except per share data):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Numerator:
Net income available to common stockholders	$	71,753	$	100,805	$	134,714	$	143,861
Net income attributable to noncontrolling interest in OEG		2,094		3,270		2,805		2,691
Net income available to common stockholders - if-converted method	$	73,847	$	104,075	$	137,519	$	146,552
Denominator:
Weighted average shares outstanding - basic		61,352		59,895		60,639		59,817
Effect of dilutive equity-based compensation		147		206		194		314
Effect of dilutive put rights		4,233		3,122		3,744		3,315
Weighted average shares outstanding - diluted		65,732		63,223		64,577		63,446
Basic income per share available to common stockholders	$	1.17	$	1.68	$	2.22	$	2.41
Diluted income per share available to common stockholders	$	1.12	$	1.65	$	2.13	$	2.31

As more fully discussed in Note 1 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, although currently not exercisable, the minority investor of OEG has certain put rights (the “OEG Put Rights”) to require the Company to purchase the minority investor’s equity interest in OEG, which the Company may pay in cash or Company stock at the Company’s option. The Company calculated potential dilution for the OEG Put Rights based on the if-converted method, which assumes the OEG Put Rights were converted on the first day of the period or the date of issuance and the minority investor’s noncontrolling equity interest was redeemed in exchange for shares of the Company’s common stock.

The operating partnership units (“OP Units”) held by the noncontrolling interest holders in RHP Hotel Properties, LP (the “Operating Partnership”) have been excluded from the denominator of the diluted income per share calculation for the three and six months ended June 30, 2025 and 2024 as there would be no effect on the calculation of diluted income per share because the income or loss attributable to the OP Units held by the noncontrolling interest holders would also be added or subtracted to derive net income available to common stockholders.