EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2024

The Company reports both basic and diluted earnings per share. Basic earnings per share is computed by dividing net income available to participating common stockholders by the weighted average number of participating common shares outstanding for the period. Diluted earnings per share is calculated by dividing the net income available to participating common shareholders by the diluted weighted average number of shares outstanding for the period. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive equity.

A reconciliation of weighted average shares outstanding is as follows (in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023

Weighted-average outstanding common shares	482,219	488,304	482,082	489,467
Add participating securities:
Weighted-average time-lapse restricted awards	2,098	2,471	2,149	2,513
Total weighted-average shares outstanding – basic	484,317	490,775	484,231	491,980
Dilutive effect of restricted stock units and PSUs	42	190	39	178
Weighted-average shares outstanding – diluted	484,359	490,965	484,270	492,158