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Net Income Per Common Share (Tables) | 3 Months Ended
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Mar. 31, 2025
Earnings Per Share [Abstract] |
Summary of Table Reconciling Basic and Diluted Net Income Per Share | The following table presents the calculation of basic and diluted net income per common share:
|  |  | Three Months Ended March 31,
(dollars and shares in thousands, except per share data) |  |  |  |  | 2025 |  | 2024
Net income |  |  |  |  | $ | 144,659 |  |  | $ | 120,284 |
Preferred dividends |  |  |  |  | (4,034) |  |  | (4,034) |
Net income applicable to common shares |  |  |  |  | $ | 140,625 |  |  | $ | 116,250 |
Weighted average common shares outstanding: |  |  |  |  |  |  |
Weighted average common shares outstanding (basic) |  |  |  |  | 315,925 |  |  | 290,980 |
Effect of dilutive securities: |  |  |  |  |  |  |
Restricted stock |  |  |  |  | 2,779 |  |  | 1,227 |
Forward sale (1) |  |  |  |  | 2,312 |  |  | — |
Weighted average diluted shares outstanding |  |  |  |  | 321,016 |  |  | 292,207 |
Basic Net Income Per Common Share |  |  |  |  | $ | 0.45 |  |  | $ | 0.40 |
Diluted Net Income Per Common Share |  |  |  |  | $ | 0.44 |  |  | $ | 0.40 |
(1) Dilutive forward sale shares represent incremental shares related to the forward sale agreements. Dilution occurred since the average market price of the Company’s common shares for the three months ended March 31, 2025 was higher than the average forward sale price (as determined under the terms of the forward sale agreements). See Note 3 to the consolidated financial statements for additional information regarding these forward sale agreements.

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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 + Details
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