Earnings Per Common Share

6 Months Ended

Jun. 30, 2024

NOTE 9. — EARNINGS PER COMMON SHARE

Basic and diluted earnings per common share gives effect, utilizing the two-class method, to the potential dilution from the issuance of shares of our common stock in settlement of RSUs which provide for non-forfeitable dividend equivalents equal to the dividends declared per common share. Basic and diluted earnings per common share is computed by dividing net earnings less dividend equivalents attributable to RSUs by the weighted average number of common shares outstanding during the period.

The following table is a reconciliation of the numerator and denominator used in the computation of basic and diluted earnings per common share using the two-class method (in thousands except per share data):


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2024			2023			2024			2023
Net earnings	$	16,711		$	13,524		$	33,434		$	27,606
Less earnings attributable to RSUs outstanding		(664	)		(547	)		(1,328	)		(1,094	)
Net earnings attributable to common stockholders used in basic and diluted earnings per share calculation		16,047			12,977			32,106			26,512
Weighted average common shares outstanding:
Basic		53,979			49,615			53,970			48,309
Incremental shares from stock-based compensation		32			117			17			75
Incremental shares from ATM Program forward agreements		—			71			—			124
Incremental shares from the February 2023 Forward Offering		—			186			—			68
Diluted		54,011			49,989			53,987			48,576
Basic earnings per common share	$	0.30		$	0.26		$	0.59		$	0.55
Diluted earnings per common share	$	0.30		$	0.26		$	0.59		$	0.55