Earnings Per Share

12 Months Ended

Dec. 31, 2022

(17) Earnings Per Share

Basic earnings per share are computed by dividing earnings applicable to common stock by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution of common stock equivalent shares that could occur if unvested shares were to vest. Common stock equivalent shares are calculated using the treasury stock method, as applicable. The dilutive effect is computed by dividing earnings applicable to common stock by the weighted average number of common shares outstanding plus the effect of the outstanding unvested restricted stock and performance share awards. Average shares used in computing the basic and diluted earnings per share are as follows:


	December 31,
	2022	2021	2020
Basic computation	55,769,156	51,709,229	50,559,208
Dilutive effect of
Performance and restricted share awards(1)	26,621	111,940	145,181
Forward equity sale(2)	496,333	51,057	—
Diluted computation	56,292,110	51,872,226	50,704,389

(1) Performance share awards are included in diluted weighted average number of shares outstanding based upon what would be issued if the end of the most recent reporting period was the end of the term of the award.

(2) Forward equity shares are included in diluted weighted average number of shares outstanding based upon what would be issued if the end of the most recent reporting period was the end of the term of the forward sale agreement.

As of December 31, 2022, there were 21,459 shares from performance and restricted share awards which were antidilutive and excluded from the earnings per share calculations.