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Net Income per Common Share | 12 Months Ended
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Dec. 31, 2022
Earnings Per Share [Abstract] |
Net Income per Common Share | Net Income per Common Share We allocate net income to (i) noncontrolling interests based upon their contractual rights in the respective subsidiaries or for participating noncontrolling interests based upon their participation in both distributed and undistributed earnings of the Company, (ii) preferred shareholders, for distributions paid or payable, (iii) preferred shareholders, to the extent redemption cost exceeds the related original net issuance proceeds (a “preferred share redemption charge”), and (iv) RSUs, for non-forfeitable dividends paid and adjusted for participation rights in undistributed earnings of the Company. We calculate basic and diluted net income per common share based upon net income allocable to common shareholders, divided by (i) weighted average common shares for basic net income per common share, and (ii) weighted average common shares adjusted for the impact of dilutive stock options outstanding for diluted net income per common share. Potentially dilutive stock options representing 147,344 common shares were excluded from the computation of diluted earnings per share for the year ended December 31, 2022, because their effect would have been antidilutive. The following table reconciles the numerators and denominators of the basic and diluted net income per common shares computation for the year ended December 31, 2022, 2021, and 2020, respectively (in thousands, except per share amounts):
|  |  |  |  | For the Years Ended December 31,
|  |  |  |  | 2022 |  | 2021 |  | 2020
Numerator for basic and dilutive net income per common share – net income allocable to common shareholders |  |  |  |  | $ | 4,142,288 |  | $ | 1,732,444 |  | $ | 1,098,335
Denominator for basic net income per share - weighted average common shares outstanding |  |  |  |  | 175,257 |  | 174,858 |  | 174,494
Net effect of dilutive stock options - based on treasury stock method |  |  |  |  | 1,023 |  | 710 |  | 148
Denominator for dilutive net income per share - weighted average common shares outstanding |  |  |  |  | 176,280 |  | 175,568 |  | 174,642
Net income per common share: |  |  |  |  |  |  |  |  |
Basic |  |  |  |  | $ | 23.64 |  | $ | 9.91 |  | $ | 6.29
Dilutive |  |  |  |  | $ | 23.50 |  | $ | 9.87 |  | $ | 6.29

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