Earnings Per Share

3 Months Ended

Mar. 31, 2024

Earnings per Share

Basic earnings per share ("EPS") is calculated by dividing net income attributable to the Company’s common stockholders, including any participating securities, by the weighted average number of shares outstanding for the period. Certain restricted shares issued pursuant to the Company’s share-based compensation program are considered participating securities, as such stockholders have rights to receive non-forfeitable dividends. Fully-diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into shares of common stock. Unvested RSUs are not allocated net losses and/or any excess of dividends declared over net income, as such amounts are allocated entirely to the Company’s common stock.

The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the three months ended March 31, 2024 and 2023 (dollars in thousands, except per share data):


	Three Months Ended March 31,
	2024		2023
Computation of Basic Earnings Per Share:
Net income	$	88,905	$	112,246
Non-forfeitable dividends on unvested restricted shares	(187)		(295)
Net income attributable to the Company’s common stockholders for basic earnings per share	$	88,718	$	111,951

Weighted average number shares outstanding – basic	302,021		300,821

Basic earnings per share attributable to the Company’s common stockholders:
Net income per share	$	0.29	$	0.37

Computation of Diluted Earnings Per Share:
Net income attributable to the Company’s common stockholders for diluted earnings per share	$	88,718	$	111,951

Weighted average shares outstanding – basic	302,021		300,821
Effect of dilutive securities:
Equity awards	691		1,012
Weighted average shares outstanding – diluted	302,712		301,833

Diluted earnings per share attributable to the Company’s common stockholders:
Net income per share	$	0.29	$	0.37