Earnings Per Share

9 Months Ended

Sep. 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 nine months ended September 30, 2022 and September 30, 2021:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Basic Earnings Per Share
Net Income	$	72,655,995	$	76,660,548	$	232,589,023	$	276,617,836
Less: Dividends and undistributed earnings allocated to participating securities	1,096,274		1,240,581		3,563,605		4,240,503
Net Income available to common shareholders	$	71,559,721	$	75,419,967	$	229,025,418	$	272,377,333

Basic weighted average shares outstanding	231,316,879		234,005,573		231,072,421		236,628,999
Net Income per share - Basic	$	0.31	$	0.32	$	0.99	$	1.15

Diluted Earnings Per Share
Allocation of Net Income used in basic computation	$	71,559,721	$	75,419,967	$	229,025,418	$	272,377,333
Reallocation of undistributed earnings	848		2,943		4,412		13,289
Net Income available to common shareholders - Diluted	$	71,560,569	$	75,422,910	$	229,029,830	$	272,390,622

Number of shares used in basic computation	231,316,879		234,005,573		231,072,421		236,628,999
Additional weighted average dilutive common stock equivalents	300,138		897,636		457,032		1,108,216
Diluted weighted average shares outstanding	231,617,017		234,903,209		231,529,453		237,737,215

Net Income per share - Diluted	$	0.31	$	0.32	$	0.99	$	1.15

Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive	2,456,463		987,757		1,526,986		180,669