Earnings Per Common Share

9 Months Ended

Sep. 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 September 30,						For the Nine Months Ended September 30,
	2024			2023			2024			2023
Net earnings	$	15,335		$	16,033		$	48,769		$	43,639
Less earnings attributable to RSUs outstanding		(664	)		(546	)		(1,992	)		(1,639	)
Net earnings attributable to common stockholders used in basic and diluted earnings per share calculation		14,671			15,487			46,777			42,000
Weighted average common shares outstanding:
Basic		54,249			50,621			54,064			49,088
Incremental shares from stock-based compensation		107			91			77			49
Incremental shares from ATM Program forward agreements		92			—			10			124
Incremental shares from the Forward Equity Offering		171			—			43			40
Diluted		54,619			50,712			54,194			49,301
Basic earnings per common share	$	0.27		$	0.31		$	0.87		$	0.86
Diluted earnings per common share	$	0.27		$	0.31		$	0.86		$	0.85