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EQUITY AND EPS | 12 Months Ended
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Dec. 31, 2023
Equity [Abstract] |
EQUITY AND EPS | EQUITY AND EPS Capital Stock. Common stockholders are entitled to elect four of the nine members of the Company’s Board of Directors, while preferred stockholders are entitled to elect the remaining five members. All directors are elected annually for a one year term. Any vacancies on the Board may only be filled by the stockholders and not by the Board. Stockholders who own 10 percent or more of the outstanding Common Stock or Preferred Stock have the right to call a special meeting of stockholders. Common stockholders are not entitled to vote with respect to a merger, dissolution, lease, exchange or sale of substantially all of the Company’s assets, or on an amendment to the Articles of Incorporation, unless such action would increase or decrease the authorized shares or par value of the Common Stock or Preferred Stock, or change the powers, preferences or special rights of the Common Stock or preferred stock so as to affect the Common stockholders adversely. Generally, Common stockholders and Preferred stockholders vote as separate classes on all other matters requiring shareholder approval. EPS. The following table presents the computations of basic and diluted EPS:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Operations: |  |  |  |  |
Net income(a) | $ | 107,130 |  |  | $ | 108,872 |  |  | $ | 90,817 |
Net loss attributable to noncontrolling interest | 345 |  |  | 590 |  |  | 490 |
Income attributable to participating securities (unvested shares and units) (b) | (1,074) |  |  | (871) |  |  | (712) |
Net income used in EPS calculation | $ | 106,401 |  |  | $ | 108,591 |  |  | $ | 90,595 |
Share information: |  |  |  |  |
Basic weighted average common shares(c) | 22,059,816 |  |  | 22,002,990 |  |  | 20,719,663 |
Diluted weighted average common shares(d) | 22,173,918 |  |  | 22,053,966 |  |  | 20,719,663 |
Basic EPS | $ | 4.82 |  |  | $ | 4.94 |  |  | $ | 4.37 |
Diluted EPS | $ | 4.80 |  |  | $ | 4.92 |  |  | $ | 4.37 |
(a)Net income attributable to all stockholders. (b)Participating securities included 226,410, 177,398, and 163,024 unvested restricted stock units (“RSUs”) for the years ended December 31, 2023, 2022, and 2021, respectively. (c)Under the two class method, basic weighted average common shares exclude outstanding unvested participating securities. (d)The impacts of the Convertible Senior Notes were included in the diluted weighted average common shares if the inclusion was dilutive. The Convertible Senior Notes would only have a dilutive impact if the average market price per share during the quarter and year to date period exceeds the conversion price of $96.24 per share. There was no dilutive impact for the year ended December 31, 2021. Share Issuance. On April 1, 2021, as part of the consideration for the Merger with Luxco, the Company issued 5,007,833 shares of Common Stock. Additionally, in September 2021, the Merger parties finalized the purchase price adjustments, which increased stock consideration by an additional 1,373 shares from the preliminary amounts that were paid at closing. Shares Outstanding Activity. The following table presents the Company’s share activity:
| Shares Outstanding
| Preferred Stock |  | Common Stock
Balance at December 31, 2021 | 437 |  | 21,964,314 |
Issuance of Common Stock | — |  |  | 38,760 |
Repurchase of Common Stock | — |  |  | (9,032) |
Balance at December 31, 2022 | 437 |  | 21,994,042 |
Issuance of Common Stock | — |  |  | 30,507 |
Repurchase of Common Stock | — |  |  | (8,436) |
Balance at December 31, 2023 | 437 |  | 22,016,113 |
Dividends and Dividend Equivalents. The following table presents the Company’s dividend and dividend equivalent information:
Dividend and Dividend Equivalent Information (per Share and Unit)
Declaration date |  | Record date |  | Payment date |  | Declared |  | Paid |  | Dividend payment |  | Dividend equivalent payment(a)(b) |  | Total payment(b)
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |
February 23 |  | March 10 |  | March 24 |  | $ | 0.12 |  |  | $ | 0.12 |  |  | $ | 2,640 |  |  | $ | 29 |  |  | $ | 2,669 |
May 4 |  | May 19 |  | June 2 |  | 0.12 |  |  | 0.12 |  |  | 2,641 |  |  | 27 |  |  | 2,668 |
August 3 |  | August 18 |  | September 1 |  | 0.12 |  |  | 0.12 |  |  | 2,642 |  |  | 27 |  |  | 2,669 |
November 2 |  | November 17 |  | December 1 |  | 0.12 |  |  | 0.12 |  |  | 2,642 |  |  | 27 |  |  | 2,669 |
|  |  |  |  |  | $ | 0.48 |  |  | $ | 0.48 |  |  | $ | 10,565 |  |  | $ | 110 |  |  | $ | 10,675 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |
February 22 |  | March 11 |  | March 25 |  | $ | 0.12 |  |  | $ | 0.12 |  |  | $ | 2,638 |  |  | $ | 23 |  |  | $ | 2,661 |
May 5 |  | May 20 |  | June 3 |  | 0.12 |  |  | 0.12 |  |  | 2,638 |  |  | 23 |  |  | 2,661 |
August 4 |  | August 19 |  | September 2 |  | 0.12 |  |  | 0.12 |  |  | 2,639 |  |  | 23 |  |  | 2,662 |
November 3 |  | November 18 |  | December 2 |  | 0.12 |  |  | 0.12 |  |  | 2,639 |  |  | 23 |  |  | 2,662 |
|  |  |  |  |  | $ | 0.48 |  |  | $ | 0.48 |  |  | $ | 10,554 |  |  | $ | 92 |  |  | $ | 10,646 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |
February 23 |  | March 12 |  | March 26 |  | $ | 0.12 |  |  | $ | 0.12 |  |  | $ | 2,033 |  |  | $ | 19 |  |  | $ | 2,052 |
May 3 |  | May 21 |  | June 4 |  | 0.12 |  |  | 0.12 |  |  | 2,635 |  |  | 20 |  |  | 2,655 |
August 2 |  | August 20 |  | September 3 |  | 0.12 |  |  | 0.12 |  |  | 2,635 |  |  | 20 |  |  | 2,655 |
November 1 |  | November 19 |  | December 3 |  | 0.12 |  |  | 0.12 |  |  | 2,635 |  |  | 20 |  |  | 2,655 |
|  |  |  |  |  | $ | 0.48 |  |  | $ | 0.48 |  |  | $ | 9,938 |  |  | $ | 79 |  |  | $ | 10,017 |
(a) Dividend equivalent payments on unvested participating securities (see Note 12, Employee Benefit Plans). (b) Includes estimated forfeitures.

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