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Earnings per Share (Tables) | 3 Months Ended
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Mar. 31, 2024
Earnings Per Share [Abstract] |
Schedule of reconciliation of net income before noncontrolling interest to net income available for common stockholders | The below table contains a reconciliation of Net income before income taxes and noncontrolling interest to Net income available for common stockholders:
|  |  |  | Three Months Ended March 31,
(in thousands) |  |  |  |  |  | 2024 |  | 2023 |  |
Income before income taxes and noncontrolling interest |  |  |  |  |  | $ | 139,820 |  |  | $ | 134,765 |  |  |
Provision for income taxes |  |  |  |  |  | 28,512 |  |  | 24,682 |  |  |
Net income |  |  |  |  |  | 111,308 |  |  | 110,083 |  |  |
Noncontrolling interest |  |  |  |  |  | (55,491) |  |  | (52,202) |  |  |
Net income available for common stockholders |  |  |  |  |  | $ | 55,817 |  |  | $ | 57,881 |  |  |
Schedule of basic earnings per share | The calculation of basic and diluted earnings per share is presented below:
|  |  |  | Three Months Ended March 31,
(in thousands, except for share or per share data) |  |  |  |  |  | 2024 |  | 2023 |  |
Basic earnings per share: |  |  |  |  |  |  |  |  |  |
Net income available for common stockholders |  |  |  |  |  | $ | 55,817 |  |  | $ | 57,881 |  |  |
Less: Dividends and undistributed earnings allocated to participating securities |  |  |  |  |  | (3,073) |  |  | (2,677) |  |  |
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities |  |  |  |  |  | 52,744 |  |  | 55,204 |  |  |
Weighted average shares of common stock outstanding: |  |  |  |  |  |  |  |  |  |
Class A |  |  |  |  |  | 88,999,122 |  |  | 97,795,957 |  |  |
Basic earnings per share |  |  |  |  |  | $ | 0.59 |  |  | $ | 0.56 |  |  |
Schedule of diluted earnings per share |
|  |  |  | Three Months Ended March 31,
(in thousands, except for share or per share data) |  |  |  |  |  | 2024 |  | 2023 |  |
Diluted earnings per share: |  |  |  |  |  |  |  |  |  |
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities |  |  |  |  |  | $ | 52,744 |  |  | $ | 55,204 |  |  |
Weighted average shares of common stock outstanding: |  |  |  |  |  |  |  |  |  |
Class A |  |  |  |  |  |  |  |  |  |
Issued and outstanding |  |  |  |  |  | 88,999,122 |  |  | 97,795,957 |  |  |
Issuable pursuant to Amended and Restated 2015 Management Incentive Plan |  |  |  |  |  | — |  |  | 17,734 |  |  |
|  |  |  |  |  | 88,999,122 |  |  | 97,813,691 |  |  |
Diluted earnings per share (1) |  |  |  |  |  | $ | 0.59 |  |  | $ | 0.56 |  |  |
(1) Excluded from the computation of diluted Earnings per share were 45,814 unexercised stock options for the three months ended March 31, 2024 because inclusion of the options would have been anti-dilutive.

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