Income Per Common Share

9 Months Ended

Sep. 30, 2024

(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,
	2024			2023			2024			2023
Net income, as reported	$	50,656		$	49,430		$	171,498		$	561,108
Participating earnings (a)		(170	)		(632	)		(922	)		(10,868	)
Basic net income attributed to common shareholders		50,486			48,798			170,576			550,240
Reallocation of participating earnings (a)		1			4			5			106
Diluted net income attributed to common shareholders	$	50,487		$	48,802		$	170,581		$	550,346
Net income per common share:
Basic	$	0.21		$	0.20		$	0.71		$	2.30
Diluted	$	0.21		$	0.20		$	0.70		$	2.27


(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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Weighted average common shares outstanding – basic		240,865		241,338		240,832		239,455
Effect of dilutive securities:
Director and employee restricted stock and performance based equity awards		1,758		2,599		1,970		2,689
Weighted average common shares outstanding – diluted		242,623		243,937		242,802		242,144

Weighted average common shares outstanding – basic for third quarter 2024 excludes 811,000 shares of restricted stock held in our deferred compensation plan compared to 3.1 million shares in third quarter 2023 (although all awards are issued and outstanding upon grant). Weighted average common shares outstanding – basic for first nine months 2024 excludes 1.3 million shares of restricted stock held in our deferred compensation plan compared to 4.7 million shares for first nine months 2023. For the three months ended September 30, 2024, equity grants of 8,000 shares compared to 9,000 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 computation.