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EARNINGS PER SHARE | 12 Months Ended
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Dec. 31, 2024
Earnings Per Share [Abstract] |
EARNINGS PER SHARE | EARNINGS PER SHARE 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 stockholders 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. The following table sets forth the computation of basic and diluted earnings per share under the two-class method (in thousands, except per share data):
Year Ended December 31, | 2024 |  | 2023 |  | 2022
Net income available to stockholders | $ | 466,379 |  |  | $ | 434,957 |  |  | $ | 368,599 |
Less dividends paid: |  |  |  |  |
Common stock | (296,818) |  |  | (263,016) |  |  | (210,509) |
Time-lapse restricted awards | (1,313) |  |  | (1,332) |  |  | (1,109) |
Undistributed earnings for the period | $ | 168,248 |  |  | $ | 170,609 |  |  | $ | 156,981 |
Allocation of undistributed earnings: |  |  |  |  |
Common stock | $ | 167,507 |  |  | $ | 169,687 |  |  | $ | 156,123 |
Time-lapse restricted awards | 741 |  |  | 859 |  |  | 823 |
Restricted stock units | — |  |  | 63 |  |  | 35 |
Weighted-average shares outstanding: |  |  |  |  |
Weighted-average outstanding common shares | 482,117 |  | 487,480 |  | 489,719
Add participating securities: |  |  |  |  |
Weighted-average time-lapse restricted awards | 2,132 |  | 2,469 |  | 2,581
Total weighted-average shares outstanding – basic | 484,249 |  | 489,949 |  | 492,300
Dilutive effect of restricted stock units | 46 |  | 181 |  | 113
Total weighted-average shares outstanding – diluted | 484,295 |  | 490,130 |  | 492,413
Basic earnings per share: |  |  |  |  |
Common stock: |  |  |  |  |
Distributed earnings | $ | 0.62 |  |  | $ | 0.54 |  |  | $ | 0.43 |
Undistributed earnings | 0.34 |  |  | 0.35 |  |  | 0.32 |
| $ | 0.96 |  |  | $ | 0.89 |  |  | $ | 0.75 |
Diluted earnings per share: |  |  |  |  |
Common stock: |  |  |  |  |
Distributed earnings | $ | 0.62 |  |  | $ | 0.54 |  |  | $ | 0.43 |
Undistributed earnings | 0.34 |  |  | 0.35 |  |  | 0.32 |
| $ | 0.96 |  |  | $ | 0.89 |  |  | $ | 0.75 |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-3 + Details
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