Income Per Common Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Income Per Common Share

(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 March 31,
	2024			2023
Net income, as reported	$	92,138		$	481,447
Participating earnings (a)		(600	)		(11,163	)
Basic net income attributed to common shareholders		91,538			470,284
Reallocation of participating earnings (a)		4			124
Diluted net income attributed to common shareholders	$	91,542		$	470,408
Net income per common share:
Basic	$	0.38		$	1.98
Diluted	$	0.38		$	1.95

(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 March 31,
	2024		2023
Weighted average common shares outstanding – basic		240,505		238,019
Effect of dilutive securities:
Director and employee restricted stock and performance    based equity awards		1,901		2,863
Weighted average common shares outstanding – diluted		242,406		240,882

Weighted average common shares outstanding – basic for first quarter 2024 excludes 1.6 million shares of restricted stock held in our deferred compensation plan compared to 5.6 million shares in first quarter 2023 (although all awards are issued and outstanding upon grant). For the three months ended March 31, 2024, equity grants of 127,000 shares compared to 4,000 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.