Earnings Per Share

12 Months Ended

Dec. 31, 2024

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)	2024		2023		2022
Numerator:
Net income to common shareholders	$	460,815	$	392,602	$	524,089
Net income or dividends allocated to participating securities - basic and diluted		3,027		4,014		7,620
Net income allocated to common shareholders - basic and diluted	$	457,788	$	388,588	$	516,469
Denominator:
Weighted-average common shares - basic		86,346		86,130		86,068
Dilutive potential common shares		302		293		326
Weighted-average common shares - diluted		86,648		86,423		86,394
Earnings per common share:
Basic	$	5.30	$	4.51	$	6.00
Diluted	$	5.28	$	4.50	$	5.98

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 16,338, 100,391 and 3,116 for the years ended December 31, 2024, 2023 and 2022, respectively, and were excluded from the calculation of diluted earnings per common diluted share for the respective periods.