Net Income Per Common Share

12 Months Ended

Dec. 31, 2023

(5) Net Income per Common Share

Basic income or loss per share attributable to common stockholders is computed as (i) income or loss attributable to common stockholders (ii) less income allocable to participating securities (iii) divided by weighted average basic shares outstanding. Diluted income or loss per share attributable to common stockholders is computed as (i) basic income or loss attributable to common stockholders (ii) plus diluted adjustments to income allocable to participating securities (iii) divided by weighted average diluted shares outstanding. Diluted net income or loss per share is calculated under both the two class method and the treasury stock method and the more dilutive of the two calculations is presented. The following table sets forth a reconciliation of net income or loss to basic income or loss attributable to common stockholders and to diluted income or loss attributable to common stockholders (in thousands except per share amounts):


	Year Ended December 31,
	2023			2022			2021
Net income as reported	$	871,142		$	1,183,370		$	411,778
Participating basic earnings (a)		(14,971	)		(28,578	)		(10,795	)
Basic net income attributed to common stockholders		856,171			1,154,792			400,983
Reallocation of participating earnings (a)		159			614			272
Diluted net income attributed to common stockholders	$	856,330		$	1,155,406		$	401,255
Net income per common share:
Basic	$	3.61		$	4.79		$	1.65
Diluted	$	3.57		$	4.69		$	1.61


(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 table details basic weighted average common shares outstanding and diluted weighted average common shares outstanding (in thousands):


	Year Ended December 31,
	2023		2022		2021
Denominator:
Weighted average common shares outstanding – basic		236,986		240,858		242,862
Effect of dilutive securities		2,851		5,521		6,452
Weighted average common shares outstanding – diluted		239,837		246,379		249,314

Weighted average common shares outstanding – basic excludes 4.1 million shares of restricted stock Liability Awards held in our deferred compensation plans (although all awards are issued and outstanding upon grant) for the period ended December 31, 2023 compared to 6.1 million shares for the period ended December 31, 2022 and 6.5 million shares for the period ended December 31, 2021. Equity grants of 3,000 for the year ended December 31, 2023 compared to 5,000 shares for the year ended December 31, 2022 and 18,000 shares for the year ended December 31, 2021 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.