Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Earnings Per Share, Basic and Diluted

The following table summarizes the average number of common shares and the net income used in the calculation of basic and diluted earnings per common share ($ in thousands, except share and per share amounts):


	Year Ended December 31,
	2023		2022		2021
Net income	$	134,381	$	65,501	$	111,967
Add: net loss (income) attributable to noncontrolling interests	1,273		902		$	(163)
Net income attributable to stockholders	135,654		66,403		111,804
Less: net income attributable to unvested restricted stock awards	(57)		—		—
Net income attributable to common stockholders	$	135,597	$	66,403	$	111,804

BASIC:
Weighted average common shares outstanding	43,388,794		44,774,708		45,714,221

DILUTED:
Weighted average common shares outstanding	43,388,794		44,774,708		45,714,221
Stock options	672		19,528		4,823
Convertible debt	—		—		10,453
Weighted average dilutive common shares outstanding	43,389,466		44,794,236		45,729,497

Earnings per common share - basic	$	3.13	$	1.48	$	2.45
Earnings per common share - diluted	$	3.13	$	1.48	$	2.44

Incremental anti-dilutive shares excluded:
Net share effect of stock options with an exercise price in excess of the
average market price for our common shares	802,506		564,803		383,716

Regular dividends declared per common share	$	3.60	$	3.60	$	3.8025