Income Per Common Share

6 Months Ended

Jun. 30, 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 June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Net income, as reported	$	28,704		$	30,231		$	120,842		$	511,678
Participating earnings (a)		(180	)		(679	)		(772	)		(11,636	)
Basic net income attributed to common shareholders		28,524			29,552			120,070			500,042
Reallocation of participating earnings (a)		—			2			4			112
Diluted net income attributed to common shareholders	$	28,524		$	29,554		$	120,074		$	500,154
Net income per common share:
Basic	$	0.12		$	0.12		$	0.50		$	2.10
Diluted	$	0.12		$	0.12		$	0.49		$	2.07

(a) Restricted Stock Liability Awards represent participating securities because they participate in non-forfeitable 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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Weighted average common shares outstanding – basic		241,125		238,970		240,815		238,497
Effect of dilutive securities:
Director and employee restricted stock and performance based equity awards		1,858		2,135		1,951		2,572
Weighted average common shares outstanding – diluted		242,983		241,105		242,766		241,069

Weighted average common shares outstanding – basic for second quarter 2024 excludes 1.5 million shares of restricted stock held in our deferred compensation plan compared to 5.4 million shares in second quarter 2023 (although all awards are issued and outstanding upon grant). Weighted average common shares outstanding – basic for first six months 2024 excludes 1.6 million shares of restricted stock held in our deferred compensation plan compared to 5.5 million shares for first six months 2023. For the three months ended June 30, 2024, equity grants of 17,000 shares 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 computation.