Earnings Per Share

6 Months Ended

Jun. 30, 2024

Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock; however, potential common equivalent shares are excluded if the effect of including these shares would be anti-dilutive. The Company’s two classes of common stock, Class A and Class B non-voting, have equal rights to dividends and income, and therefore, basic and diluted earnings per share are the same for each class of common stock. As of June 30, 2024, the Company did not have any Class B non-voting common stock outstanding.

Diluted earnings per share takes into account the vesting of restricted stock units using the treasury stock method. For the three and six months ended June 30, 2024, and 2023, the Company did not exclude any potentially dilutive securities, whose effect would have been anti-dilutive, from the computation of diluted earnings per share. The Company excluded 1,064,633 and 969,698 shares related to restricted stock units for which the performance metric had yet to be achieved as of June 30, 2024 and 2023, respectively.

The following table sets forth the reconciliation of basic and diluted earnings per share:


	Three Months Ended June 30,				Six Months Ended June 30,

	2024		2023		2024		2023
	(in thousands, except share and per share)
Basic earnings per share:
Numerator
Net income	$	102,946	$	132,401	$	210,812	$	261,121
Preferred stock dividends	(12,508)		(10,425)		(22,933)		(20,850)
Net income attributable to common stockholders	$	90,438	$	121,976	$	187,879	$	240,271
Denominator
Weighted-average shares outstanding	111,372,434		111,021,133		111,273,514		110,982,557
Basic earnings per share	$	0.81	$	1.10	$	1.69	$	2.16
Diluted earnings per share:
Numerator
Net income	$	102,946	$	132,401	$	210,812	$	261,121
Preferred stock dividends	(12,508)		(10,425)		(22,933)		(20,850)
Net income attributable to common stockholders	$	90,438	$	121,976	$	187,879	$	240,271
Denominator
Number of shares used in basic computation	111,372,434		111,021,133		111,273,514		110,982,557
Weighted-average effect of dilutive securities	368,387		217,871		439,205		324,492
Number of shares used in per share computation	111,740,821		111,239,004		111,712,719		111,307,049
Diluted earnings per share	$	0.81	$	1.10	$	1.68	$	2.16