XML 383 R11.htm IDEA: XBRL DOCUMENT v3.24.2
Earnings per Share
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Earnings per Share Earnings per Share
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 June 30,Six Months Ended June 30,
(in thousands)2024202320242023
Income before income taxes and noncontrolling interest$155,385 $35,467 $295,205 $170,231 
Provision for income taxes27,268 5,923 55,780 30,605 
Net income128,117 29,544 239,425 139,626 
Noncontrolling interest(61,531)(12,842)(117,022)(65,044)
Net income available for common stockholders$66,586 $16,702 $122,403 $74,582 
The calculation of basic and diluted earnings per share is presented below:
 Three Months Ended June 30,Six Months Ended June 30,
(in thousands, except for share or per share data)2024202320242023
Basic earnings per share:  
Net income available for common stockholders$66,586 $16,702 $122,403 $74,582 
Less: Dividends and undistributed earnings allocated to participating securities(3,760)(1,176)(6,833)(3,853)
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities62,826 15,526 115,570 70,729 
Weighted average shares of common stock outstanding:
Class A88,137,799 94,973,489 88,568,461 96,376,926 
Basic earnings per share$0.71 $0.16 $1.30 $0.73 

 Three Months Ended June 30,Six Months Ended June 30,
(in thousands, except for share or per share data)2024202320242023
Diluted earnings per share:  
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities$62,826 $15,526 $115,570 $70,729 
Weighted average shares of common stock outstanding:
Class A
Issued and outstanding88,137,799 94,973,489 88,568,461 96,376,926 
Issuable pursuant to Amended and Restated 2015 Management Incentive Plan220,424 — 102,868 — 
88,358,223 94,973,489 88,671,329 96,376,926 
Diluted earnings per share (1)$0.71 $0.16 $1.30 $0.73 
(1) Excluded from the computation of diluted Earnings per share were — and 54,618 unexercised stock options for three months ended June 30, 2024 and 2023, respectively, and — and 17,647 unexercised stock options for the six months ended June 30, 2024 and 2023, respectively, because inclusion of the options would have been anti-dilutive.