Earnings per Share

12 Months Ended

Dec. 31, 2024

At December 31, 2024, the Company’s capital structure consists of common stock and unvested restricted stock. To calculate EPS for the year ended December 31, 2024, the Company applied the two-class method because its unvested restricted shares were participating securities.

At December 31, 2023, the Company’s capital structure included Class A, B, and C units outstanding. At December 31, 2022, the Company’s capital structure included Class A, B, and C units outstanding, and unvested restricted interests and outstanding options. To calculate EPS for the years ended December 31, 2023 and 2022, the Company applied the two-class method because its unvested restricted interests and outstanding options were participating securities.

The following table sets forth the net income attributable to the Company, its shares/units outstanding, and its participating shares/units outstanding:


	Basic and Diluted EPS
	For the Year Ended December 31,
	2024		2023		2022
			(in thousands)
Net income	$	171,897	$	184,743	$	172,243
Less: net income attributable to non-controlling interests	5,354		4,796		5,516
Net income attributable to the Company	166,543		179,947		166,727
Less: distributed and undistributed income attributable to participating securities	211		316		853
Distributed and undistributed income attributable to common shares	$	166,332	$	179,631	$	165,874

The following tables set forth the computation of EPS under the two-class method:


	For the Year Ended December 31, 2024
	Net Income Allocation		Shares(1)	Basic and Diluted EPS
	(in thousands, except for per share amounts)
Common shares	$	166,332	114,058	$	1.46
Participating securities	211		145	$	1.46
Total Company	$	166,543


	For the Year Ended December 31, 2023
	Net Income Allocation		Shares(1)(2)	Basic and Diluted EPS
	(in thousands, except for per share amounts)
Outstanding Class A, Class B, and Class C shares	$	179,631	104,008	$	1.73
Participating securities	316		183	$	1.73
Total Company	$	179,947


	For the Year Ended December 31, 2022
	Net Income Allocation		Shares(1)(2)	Basic and Diluted EPS
	(in thousands, except for per share amounts)
Outstanding Class A, Class B, and Class C shares	$	165,874	103,821	$	1.60
Participating securities	853		534	$	1.60
Total Company	$	166,727

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(1) Represents the weighted average share/unit count outstanding during the period.

(2) The recapitalization of members units into common shares has been treated as such for earnings per share purposes and has been reflected retrospectively for all periods, along with the one-for-4.295 reverse stock split, as described in Note 1—“Organization”.