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Net Income Per Common Share
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Net Income Per Common Share NET INCOME PER COMMON SHARE
Basic and diluted net income per common share are calculated using the two-class method. Net income applicable to common shares is divided by the weighted-average number of common shares outstanding during the period. Adjustments to the weighted-average number of common shares outstanding are made only when such adjustments will dilute net income per common share. Net income applicable to common shares is then divided by the weighted-average number of common shares and common share equivalents during the period.
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)20252024
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 stock2,779 1,227 
Forward sale (1)
2,312 — 
Weighted average diluted shares outstanding321,016 292,207 
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.