Income Per Common Share

9 Months Ended

Sep. 30, 2023

(6) INCOME PER COMMON SHARE

Basic income or loss per share attributable to common shareholders is computed as (1) income or loss attributable to common shareholders (2) less income allocable to participating securities (3) divided by weighted average basic shares outstanding. Diluted income or loss per share attributable to common shareholders is computed as (1) basic income or loss attributable to common shareholders (2) plus diluted adjustments to income allocable to participating securities (3) divided by weighted average diluted shares outstanding. The following sets forth a reconciliation of income or loss to basic income or loss attributable to common shareholders to diluted income or loss attributable to common shareholders (in thousands, except per share amounts):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Net income, as reported	$	49,430		$	373,087		$	561,108		$	369,134
Participating earnings (a)		(632	)		(8,667	)		(10,868	)		(9,183	)
Basic net income attributed to common shareholders		48,798			364,420			550,240			359,951
Reallocation of participating earnings (a)		4			172			106			188
Diluted net income attributed to common shareholders	$	48,802		$	364,592		$	550,346		$	360,139
Net income per common share:
Basic	$	0.20		$	1.52		$	2.30		$	1.48
Diluted	$	0.20		$	1.49		$	2.27		$	1.45


(a)	Restricted Stock Liability Awards represent participating securities because they participate in nonforfeitable dividends or distributions with common equity owners. Income allocable to participating securities represents the distributed and undistributed earnings attributable to the participating securities. Participating securities, however, do not participate in undistributed net losses.

The following details weighted average common shares outstanding and diluted weighted average common shares outstanding (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Weighted average common shares outstanding – basic		241,338		239,768		239,455		242,850
Effect of dilutive securities:
Director and employee restricted stock and performance based equity awards		2,599		5,255		2,689		5,510
Weighted average common shares outstanding – diluted		243,937		245,023		242,144		248,360

Weighted average common shares outstanding – basic for third quarter 2023 excludes 3.1 million shares of restricted stock held in our deferred compensation plan compared to 5.7 million shares in third quarter 2022 (although all awards are issued and outstanding upon grant). Weighted average common shares outstanding – basic for first nine months 2023 excludes 4.7 million shares of restricted stock held in our deferred compensation plan compared to 6.2 million shares for first nine months 2022. For the three months ended September 30, 2023, equity grants of 9,000 shares compared to 2,000 shares in the same period of the prior year were outstanding but not included in the computation of diluted net income because the grant prices were greater than the average market price of the common shares and would be anti-dilutive to the computations. For both the nine months ended September 30, 2023 and September 30, 2022, equity grants of 3,000 shares were outstanding but not included in the computation of diluted net income because the shares would be anti-dilutive to the computations.