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EARNINGS PER COMMON SHARE
12 Months Ended
Dec. 31, 2022
EARNINGS PER COMMON SHARE [Abstract]  
EARNINGS PER COMMON SHARE [Text Block]
NOTE 15 – EARNINGS PER COMMON
.
SHARE
The calculations of earnings per common share for the years ended December 31,
 
2022, 2021, and 2020 are as follows:
Year
 
Ended December 31,
2022
2021
2020
(In thousands, except per share information)
Net income
 
$
305,072
$
281,025
$
102,273
Less: Preferred stock dividends
 
-
(2,453)
(2,676)
Less: Excess of redemption value over carrying value of Series A through E
 
 
Preferred Stock redeemed
-
(1,234)
-
Net income attributable to common stockholders
$
305,072
$
277,338
$
99,597
Weighted-Average
 
Shares:
 
Average common
 
shares outstanding
190,805
210,122
216,904
 
Average potential
 
dilutive common shares
 
1,163
1,178
764
 
Average common
 
shares outstanding - assuming dilution
191,968
211,300
217,668
Earnings per common share:
Basic
 
$
1.60
$
1.32
$
0.46
Diluted
 
$
1.59
$
1.31
$
0.46
Earnings
 
per
 
common
 
share
 
is
 
computed
 
by
 
dividing
 
net
 
income
 
attributable
 
to
 
common
 
stockholders
 
by
 
the
 
weighted-average
number of common shares issued and outstanding. Net income attributable
 
to common stockholders represents net income adjusted for
any preferred
 
stock dividends,
 
including any
 
dividends declared
 
but not
 
yet paid,
 
and any cumulative
 
dividends related
 
to the
 
current
dividend period that have not been declared as of
 
the end of the period. For 2021, net income attributable
 
to common stockholders was
also adjusted due
 
to the one
 
-time effect
 
to retained
 
earnings of the
 
excess of the
 
redemption value
 
paid over the
 
carrying value of
 
the
Series A through E Preferred Stock redeemed as discussed in
 
Note 17 – Stockholders’ Equity.
 
Basic weighted-average common shares
outstanding exclude unvested shares of restricted stock that do not
 
contain non-forfeitable dividend rights.
Potential dilutive
 
common shares
 
consist of
 
unvested shares
 
of restricted
 
stock that
 
do not
 
contain non-forfeitable
 
dividend rights
using the
 
treasury stock
 
method. This
 
method assumes
 
that proceeds
 
equal to
 
the amount
 
of compensation
 
cost attributable
 
to future
services
 
is
 
used
 
to
 
repurchase
 
shares
 
on
 
the
 
open
 
market
 
at
 
the
 
average
 
market
 
price
 
for
 
the
 
period.
 
The
 
difference
 
between
 
the
number
 
of
 
potential
 
dilutive
 
shares
 
issued
 
and
 
the
 
shares
 
purchased
 
is
 
added
 
as
 
incremental
 
shares
 
to
 
the
 
actual
 
number
 
of
 
shares
outstanding
 
to
 
compute
 
diluted
 
earnings
 
per
 
share.
 
Unvested
 
shares
 
of
 
restricted
 
stock
 
outstanding
 
during
 
the
 
period
 
that
 
result
 
in
lower potentially
 
dilutive shares issued
 
than shares purchased
 
under the
 
treasury stock method
 
are not included
 
in the computation
 
of
dilutive
 
earnings
 
per
 
share
 
since
 
their
 
inclusion
 
would
 
have an
 
antidilutive
 
effect
 
on
 
earnings
 
per
 
share.
 
There
 
were
no
 
antidilutive
shares of
 
common stock
 
during the
 
years ended
 
December 31,
 
2022, 2021
 
and 2020.
 
Potential dilutive
 
common shares
 
also include
performance units that do
 
not contain non-forfeitable
 
dividend rights if the
 
performance condition is
 
met as of the end
 
of the reporting
period.