Earnings Per Share

9 Months Ended

Sep. 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 September 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 nine months ended September 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 1,047,068 and 965,788 shares related to restricted stock units for which the performance metric had yet to be achieved as of September 30, 2024 and 2023, respectively.

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


	Three Months Ended September 30,				Nine Months Ended September 30,

	2024		2023		2024		2023
	(in thousands, except share and per share)
Basic earnings per share:
Numerator
Net income	$	103,971	$	132,450	$	314,783	$	393,571
Preferred stock dividends	(12,325)		(10,425)		(35,258)		(31,275)
Net income attributable to common stockholders	$	91,646	$	122,025	$	279,525	$	362,296
Denominator
Weighted-average shares outstanding	111,376,884		111,027,252		111,308,222		110,997,619
Basic earnings per share	$	0.82	$	1.10	$	2.51	$	3.26
Diluted earnings per share:
Numerator
Net income	$	103,971	$	132,450	$	314,783	$	393,571
Preferred stock dividends	(12,325)		(10,425)		(35,258)		(31,275)
Net income attributable to common stockholders	$	91,646	$	122,025	$	279,525	$	362,296
Denominator
Number of shares used in basic computation	111,376,884		111,027,252		111,308,222		110,997,619
Weighted-average effect of dilutive securities	427,229		319,547		493,535		385,638
Number of shares used in per share computation	111,804,113		111,346,799		111,801,757		111,383,257
Diluted earnings per share	$	0.82	$	1.10	$	2.50	$	3.25