Earnings Per Share

6 Months Ended

Jun. 30, 2022

The Company has unvested share-based payment awards with a right to receive non-forfeitable dividends, which are considered participating securities under ASC 260, Earnings Per Share. The Company allocates earnings to participating securities and computes earnings per share using the two-class method. Under the two-class method, net income per share is computed by dividing net income allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, net income is allocated to both common shares and participating securities based on their respective weighted average shares outstanding for the period. For a period of net loss, net loss is not allocated to participating securities.

The following table sets forth the computation of basic and diluted net income per common share under the two-class method for the three and six months ended June 30, 2022 and June 30, 2021:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Basic Earnings Per Share
Net Income	$	72,404,403	$	86,506,418	$	159,933,028	$	199,957,288
Less: Dividends and undistributed earnings allocated to participating securities	1,094,827		1,324,767		2,460,845		2,974,367
Net Income available to common shareholders	$	71,309,576	$	85,181,651	$	157,472,183	$	196,982,921

Basic weighted average shares outstanding	230,982,301		238,602,197		231,245,466		238,198,668
Net Income per share - Basic	$	0.31	$	0.36	$	0.68	$	0.83

Diluted Earnings Per Share
Allocation of Net Income used in basic computation	$	71,309,576	$	85,181,651	$	157,472,183	$	196,982,921
Reallocation of undistributed earnings	1,295		3,980		3,701		10,464
Net Income available to common shareholders - Diluted	$	71,310,871	$	85,185,631	$	157,475,884	$	196,993,385

Number of shares used in basic computation	230,982,301		238,602,197		231,245,466		238,198,668
Additional weighted average dilutive common stock equivalents	456,483		1,130,301		544,919		1,218,528
Diluted weighted average shares outstanding	231,438,784		239,732,498		231,790,385		239,417,196

Net Income per share - Diluted	$	0.31	$	0.36	$	0.68	$	0.82

Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive	1,792,677		270,475		1,549,824		137,484