Net Income Per Common Share

3 Months Ended

Mar. 31, 2025

(4) NET INCOME PER COMMON SHARE

The following sets forth a reconciliation of net income to basic net income attributable to common shareholders to diluted net income attributable to common shareholders (in thousands, except per share amounts):


	Three Months Ended March 31,
	2025			2024
Net income, as reported	$	97,052		$	92,138
Participating earnings (a)		(299	)		(600	)
Basic net income attributed to common shareholders		96,753			91,538
Reallocation of participating earnings (a)		2			4
Diluted net income attributed to common shareholders	$	96,755		$	91,542
Net income per common share:
Basic	$	0.40		$	0.38
Diluted	$	0.40		$	0.38

(a)

Restricted Stock Liability Awards (discussed in Note 9) represent participating securities because they participate in non-forfeitable dividends or distributions with common equity owners. Income allocable to participating securities represents the distributed and undistributed earnings attributable to the participating securities. Participating securities, however, do not participate in undistributed net losses.

The following details weighted average common shares outstanding and diluted weighted average common shares outstanding (in thousands):


	Three Months Ended March 31,
	2025		2024
Weighted average common shares outstanding – basic		240,035		240,505
Effect of dilutive securities:
Director and employee restricted stock and performance-based equity awards		1,720		1,901
Weighted average common shares outstanding – diluted		241,755		242,406

Weighted average common shares outstanding – basic for first quarter 2025 excludes 741,000 shares of restricted stock held in our deferred compensation plan compared to 1.6 million shares in first quarter 2024 (although all awards are issued and outstanding upon grant). For the three months ended March 31, 2025, equity grants of 245,000 shares compared to 127,000 shares in the same period of the prior year were outstanding but not included in the computation of diluted net income because the grant prices were greater than the average market price of the common shares and would be anti-dilutive to the computation.