Earnings Per Share

3 Months Ended

Mar. 31, 2025

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, 2025 and March 31, 2024:


	Three Months Ended March 31,
	2025		2024
Basic Earnings Per Share
Net Income	$	94,874,045	$	108,230,714
Less: Dividends and undistributed earnings allocated to participating securities	1,340,760		1,578,908
Net Income available to common shareholders	$	93,533,285	$	106,651,806

Basic weighted average shares outstanding	223,522,686		227,929,048
Net Income per share - Basic	$	0.42	$	0.47

Diluted Earnings Per Share
Allocation of Net Income used in basic computation	$	93,533,285	$	106,651,806
Reallocation of undistributed earnings	163		2,425
Net Income available to common shareholders - Diluted	$	93,533,448	$	106,654,231

Number of shares used in basic computation	223,522,686		227,929,048
Additional weighted average dilutive common stock equivalents	39,035		479,090
Diluted weighted average shares outstanding	223,561,721		228,408,138

Net Income per share - Diluted	$	0.42	$	0.47

Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive	3,141,060		409,297