Earnings Per Share

6 Months Ended

Jun. 30, 2023

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, 2023 and June 30, 2022:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Basic Earnings Per Share
Net Income	$	109,155,403	$	72,404,403	$	206,733,664	$	159,933,028
Less: Dividends and undistributed earnings allocated to participating securities	1,616,981		1,094,827		3,095,900		2,460,845
Net Income available to common shareholders	$	107,538,422	$	71,309,576	$	203,637,764	$	157,472,183

Basic weighted average shares outstanding	230,005,782		230,982,301		230,135,955		231,245,466
Net Income per share - Basic	$	0.47	$	0.31	$	0.88	$	0.68

Diluted Earnings Per Share
Allocation of Net Income used in basic computation	$	107,538,422	$	71,309,576	$	203,637,764	$	157,472,183
Reallocation of undistributed earnings	1,147		1,295		2,462		3,701
Net Income available to common shareholders - Diluted	$	107,539,569	$	71,310,871	$	203,640,226	$	157,475,884

Number of shares used in basic computation	230,005,782		230,982,301		230,135,955		231,245,466
Additional weighted average dilutive common stock equivalents	222,568		456,483		255,153		544,919
Diluted weighted average shares outstanding	230,228,350		231,438,784		230,391,108		231,790,385

Net Income per share - Diluted	$	0.47	$	0.31	$	0.88	$	0.68

Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive	2,355,346		1,792,677		2,274,875		1,549,824