Earnings Per Share

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2025 and June 30, 2024:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Basic Earnings Per Share
Net Income	$	96,039,584	$	86,040,438	$	190,913,629	$	194,271,153
Less: Dividends and undistributed earnings allocated to participating securities	1,412,231		1,202,737		3,473,779		2,782,172
Net Income available to common shareholders	$	94,627,353	$	84,837,701	$	187,439,850	$	191,488,981

Basic weighted average shares outstanding	219,631,876		227,377,169		221,376,755		227,490,367
Net Income per share - Basic	$	0.43	$	0.37	$	0.85	$	0.84

Diluted Earnings Per Share
Allocation of Net Income used in basic computation	$	94,627,353	$	84,837,701	$	187,439,850	$	191,488,981
Reallocation of undistributed earnings	—		1,578		77		3,968
Net Income available to common shareholders - Diluted	$	94,627,353	$	84,839,279	$	187,439,927	$	191,492,949

Number of shares used in basic computation	219,631,876		227,377,169		221,376,755		227,490,367
Additional weighted average dilutive common stock equivalents	—		431,760		8,845		454,753
Diluted weighted average shares outstanding	219,631,876		227,808,929		221,385,600		227,945,120

Net Income per share - Diluted	$	0.43	$	0.37	$	0.85	$	0.84

Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive	3,694,254		435,981		3,386,076		422,639