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Net Income per Common Share | 9 Months Ended
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Sep. 30, 2023
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. Stock options representing 317,062 common shares were excluded from the computation of diluted earnings per share for the three and nine months ended September 30, 2023, as compared to 147,344 common shares for the same periods in 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 three and nine months ended September 30, 2023 and 2022, respectively (in thousands, except per share amounts):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Numerator for basic and dilutive net income per common share – net income allocable to common shareholders | $ | 563,237 |  | $ | 2,712,161 |  | $ | 1,559,084 |  | $ | 3,779,666 |  |
Denominator for basic net income per share - weighted average common shares outstanding | 175,499 |  | 175,283 |  | 175,451 |  | 175,227 |  |
Net effect of dilutive stock options - based on treasury stock method | 651 |  | 1,045 |  | 719 |  | 1,098 |  |
Denominator for dilutive net income per share - weighted average common shares outstanding | 176,150 |  | 176,328 |  | 176,170 |  | 176,325 |  |
Net income per common share: |  |  |  |  |  |  |  |  |
Basic | $ | 3.21 |  | $ | 15.47 |  | $ | 8.89 |  | $ | 21.57 |  |
Dilutive | $ | 3.20 |  | $ | 15.38 |  | $ | 8.85 |  | $ | 21.44 |  |

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