Earnings Per Share

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2024 and June 30, 2023:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Basic Earnings Per Share
Net Income	$	86,040,438	$	109,155,403	$	194,271,153	$	206,733,664
Less: Dividends and undistributed earnings allocated to participating securities	1,202,737		1,616,981		2,782,172		3,095,900
Net Income available to common shareholders	$	84,837,701	$	107,538,422	$	191,488,981	$	203,637,764

Basic weighted average shares outstanding	227,377,169		230,005,782		227,490,367		230,135,955
Net Income per share - Basic	$	0.37	$	0.47	$	0.84	$	0.88

Diluted Earnings Per Share
Allocation of Net Income used in basic computation	$	84,837,701	$	107,538,422	$	191,488,981	$	203,637,764
Reallocation of undistributed earnings	1,578		1,147		3,968		2,462
Net Income available to common shareholders - Diluted	$	84,839,279	$	107,539,569	$	191,492,949	$	203,640,226

Number of shares used in basic computation	227,377,169		230,005,782		227,490,367		230,135,955
Additional weighted average dilutive common stock equivalents	431,760		222,568		454,753		255,153
Diluted weighted average shares outstanding	227,808,929		230,228,350		227,945,120		230,391,108

Net Income per share - Diluted	$	0.37	$	0.47	$	0.84	$	0.88

Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive	435,981		2,355,346		422,639		1,549,824