Earnings Per Share

9 Months Ended

Sep. 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 nine months ended September 30, 2023 and September 30, 2022:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Basic Earnings Per Share
Net Income	$	104,725,412	$	72,655,995	$	311,459,076	$	232,589,023
Less: Dividends and undistributed earnings allocated to participating securities	1,537,105		1,096,274		4,636,523		3,563,605
Net Income available to common shareholders	$	103,188,307	$	71,559,721	$	306,822,553	$	229,025,418

Basic weighted average shares outstanding	230,047,014		231,316,879		229,866,008		231,072,421
Net Income per share - Basic	$	0.45	$	0.31	$	1.33	$	0.99

Diluted Earnings Per Share
Allocation of Net Income used in basic computation	$	103,188,307	$	71,559,721	$	306,822,553	$	229,025,418
Reallocation of undistributed earnings	1,978		848		4,577		4,412
Net Income available to common shareholders - Diluted	$	103,190,285	$	71,560,569	$	306,827,130	$	229,029,830

Number of shares used in basic computation	230,047,014		231,316,879		229,866,008		231,072,421
Additional weighted average dilutive common stock equivalents	410,397		300,138		315,666		457,032
Diluted weighted average shares outstanding	230,457,411		231,617,017		230,181,674		231,529,453

Net Income per share - Diluted	$	0.45	$	0.31	$	1.33	$	0.99

Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive	1,384,066		2,456,463		1,410,341		1,526,986