INCOME PER SHARE

6 Months Ended

Jun. 30, 2024

INCOME PER SHARE

Income Per Share

3. INCOME PER SHARE:

The computation of basic and diluted earnings per common share is as follows (in thousands, except per share data):

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2024		2023		2024		2023
Numerator:
Net income available to common stockholders	$	100,805	$	66,543	$	143,861	$	127,863
Net income attributable to noncontrolling interest in consolidated joint venture		3,270		3,134		2,691		2,371
Net income available to common stockholders - if-converted method	$	104,075	$	69,677	$	146,552	$	130,234
Denominator:
Weighted average shares outstanding - basic		59,895		56,329		59,817		55,759
Effect of dilutive stock-based compensation		206		232		314		256
Effect of dilutive put rights		3,122		3,928		3,315		3,958
Weighted average shares outstanding - diluted		63,223		60,489		63,446		59,973
Basic income per share available to common stockholders	$	1.68	$	1.18	$	2.41	$	2.29
Diluted income per share available to common stockholders	$	1.65	$	1.15	$	2.31	$	2.17

As more fully discussed in Note 1 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, although currently not exercisable, the minority investor of OEG has certain put rights (the “OEG Put Rights”) to require the Company to purchase the minority investor’s equity interest in OEG, which the Company may pay in cash or Company stock at the Company’s option. The Company calculated potential dilution for the OEG Put Rights based on the if-converted method, which assumes the OEG Put Rights were converted on the first day of the period or the date of issuance and the minority investor’s noncontrolling equity interest was redeemed in exchange for shares of the Company’s common stock.

The operating partnership units (“OP Units”) held by the noncontrolling interest holders in RHP Hotel Properties, LP (the “Operating Partnership”) have been excluded from the denominator of the diluted income per share calculation for the three and six months ended June 30, 2024 and 2023 as there would be no effect on the calculation of diluted income per share because the income or loss attributable to the OP Units held by the noncontrolling interest holders would also be added or subtracted to derive net income available to common stockholders.