Earnings Per Share

3 Months Ended

Mar. 31, 2024

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 months ended March 31, 2024 and March 31, 2023:


	Three Months Ended March 31,
	2024		2023
Basic Earnings Per Share
Net Income	$	108,230,714	$	97,578,261
Less: Dividends and undistributed earnings allocated to participating securities	1,578,908		1,456,913
Net Income available to common shareholders	$	106,651,806	$	96,121,348

Basic weighted average shares outstanding	227,929,048		230,605,626
Net Income per share - Basic	$	0.47	$	0.42

Diluted Earnings Per Share
Allocation of Net Income used in basic computation	$	106,651,806	$	96,121,348
Reallocation of undistributed earnings	2,425		1,276
Net Income available to common shareholders - Diluted	$	106,654,231	$	96,122,624

Number of shares used in basic computation	227,929,048		230,605,626
Additional weighted average dilutive common stock equivalents	479,090		290,220
Diluted weighted average shares outstanding	228,408,138		230,895,846

Net Income per share - Diluted	$	0.47	$	0.42

Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive	409,297		1,810,685