Net Income Per Common Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Net Income per Common Share

(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,
	2024			2023			2022
Net income as reported	$	266,340		$	871,142		$	1,183,370
Participating basic earnings (a)		(1,298	)		(14,971	)		(28,578	)
Basic net income attributed to common stockholders		265,042			856,171			1,154,792
Reallocation of participating earnings (a)		8			159			614
Diluted net income attributed to common stockholders	$	265,050		$	856,330		$	1,155,406
Net income per common share:
Basic	$	1.10		$	3.61		$	4.79
Diluted	$	1.09		$	3.57		$	4.69

(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,
	2024		2023		2022
Denominator:
Weighted average common shares outstanding – basic		240,689		236,986		240,858
Effect of dilutive securities		2,056		2,851		5,521
Weighted average common shares outstanding – diluted		242,745		239,837		246,379

Weighted average common shares outstanding – basic excludes 1.2 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, 2024 compared to 4.1 million shares for the period ended December 31, 2023 and 6.1 million shares for the period ended December 31, 2022. Equity grants of 3,000 shares for the year ended December 31, 2023 and 5,000 shares for the year ended December 31, 2022 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.