Earnings Per Share

12 Months Ended

Dec. 31, 2023

Note 15. Earnings Per Share

The Company calculates earnings per share using the two-class method. The two-class method allocates net income to each class of common stock and participating security according to common dividends declared and participation rights in undistributed earnings. Participating securities consist of nonvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents

A summary of the information used in the computation of earnings per common share follows.


	Years Ended December 31,
($ in thousands, except per share data)	2023		2022		2021
Numerator:
Net income to common shareholders	$	392,602	$	524,089	$	463,215
Net income or dividends allocated to participating securities - basic and diluted		4,014		7,620		9,134
Net income allocated to common shareholders - basic and diluted	$	388,588	$	516,469	$	454,081
Denominator:
Weighted-average common shares - basic		86,130		86,068		86,823
Dilutive potential common shares		293		326		204
Weighted average common shares - diluted		86,423		86,394		87,027
Earnings per common share:
Basic	$	4.51	$	6.00	$	5.23
Diluted	$	4.50	$	5.98	$	5.22

Potential common shares consist of stock options, nonvested performance-based awards, nonvested restricted stock units, and nonvested restricted share awards deferred under the Company’s nonqualified deferred compensation plan. These potential common shares do not enter into the calculation of diluted earnings per share if the impact would be antidilutive, i.e., increase earnings per share or reduce a loss per share. The weighted average of potentially dilutive common shares that were anti-dilutive totaled 100,391, 3,116 and 1,079 for the years ended December 31, 2023, 2022 and 2021, respectively, and were excluded from the calculation of diluted earnings per common diluted share for the respective periods.