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Earnings Per Share | 6 Months Ended
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Jun. 30, 2024
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share The Company has unvested share-based payment awards with a right to receive non-forfeitable dividends, which are considered participating securities under ASC 260, Earnings Per Share. The Company allocates earnings to participating securities and computes earnings per share using the two-class method. Under the two-class method, net income per share is computed by dividing net income allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, net income is allocated to both common shares and participating securities based on their respective weighted average shares outstanding for the period. For a period of net loss, net loss is not allocated to participating securities. The following table sets forth the computation of basic and diluted net income per common share under the two-class method for the three and six months ended June 30, 2024 and June 30, 2023:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Basic Earnings Per Share |  |  |  |  |  |  |
Net Income | $ | 86,040,438 |  |  | $ | 109,155,403 |  |  | $ | 194,271,153 |  |  | $ | 206,733,664 |
Less: Dividends and undistributed earnings allocated to participating securities | 1,202,737 |  |  | 1,616,981 |  |  | 2,782,172 |  |  | 3,095,900 |
Net Income available to common shareholders | $ | 84,837,701 |  |  | $ | 107,538,422 |  |  | $ | 191,488,981 |  |  | $ | 203,637,764 |
Basic weighted average shares outstanding | 227,377,169 |  |  | 230,005,782 |  |  | 227,490,367 |  |  | 230,135,955 |
Net Income per share - Basic | $ | 0.37 |  |  | $ | 0.47 |  |  | $ | 0.84 |  |  | $ | 0.88 |
Diluted Earnings Per Share |  |  |  |  |  |  |
Allocation of Net Income used in basic computation | $ | 84,837,701 |  |  | $ | 107,538,422 |  |  | $ | 191,488,981 |  |  | $ | 203,637,764 |
Reallocation of undistributed earnings | 1,578 |  |  | 1,147 |  |  | 3,968 |  |  | 2,462 |
Net Income available to common shareholders - Diluted | $ | 84,839,279 |  |  | $ | 107,539,569 |  |  | $ | 191,492,949 |  |  | $ | 203,640,226 |
Number of shares used in basic computation | 227,377,169 |  |  | 230,005,782 |  |  | 227,490,367 |  |  | 230,135,955 |
Additional weighted average dilutive common stock equivalents | 431,760 |  |  | 222,568 |  |  | 454,753 |  |  | 255,153 |
Diluted weighted average shares outstanding | 227,808,929 |  |  | 230,228,350 |  |  | 227,945,120 |  |  | 230,391,108 |
Net Income per share - Diluted | $ | 0.37 |  |  | $ | 0.47 |  |  | $ | 0.84 |  |  | $ | 0.88 |
Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive | 435,981 |  |  | 2,355,346 |  |  | 422,639 |  |  | 1,549,824 |

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