Earnings Per Share

9 Months Ended

Sep. 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 nine months ended September 30, 2024 and September 30, 2023:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Basic Earnings Per Share
Net Income	$	122,549,041	$	104,725,412	$	316,820,194	$	311,459,076
Less: Dividends and undistributed earnings allocated to participating securities	1,604,095		1,537,105		4,418,133		4,636,523
Net Income available to common shareholders	$	120,944,946	$	103,188,307	$	312,402,061	$	306,822,553

Basic weighted average shares outstanding	226,002,347		230,047,014		226,646,541		229,866,008
Net Income per share - Basic	$	0.54	$	0.45	$	1.38	$	1.33

Diluted Earnings Per Share
Allocation of Net Income used in basic computation	$	120,944,946	$	103,188,307	$	312,402,061	$	306,822,553
Reallocation of undistributed earnings	1,288		1,978		5,183		4,577
Net Income available to common shareholders - Diluted	$	120,946,234	$	103,190,285	$	312,407,244	$	306,827,130

Number of shares used in basic computation	226,002,347		230,047,014		226,646,541		229,866,008
Additional weighted average dilutive common stock equivalents	239,337		410,397		363,391		315,666
Diluted weighted average shares outstanding	226,241,684		230,457,411		227,009,932		230,181,674

Net Income per share - Diluted	$	0.53	$	0.45	$	1.38	$	1.33

Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive	1,619,446		1,384,066		625,410		1,410,341