Earnings per Share

12 Months Ended

Dec. 31, 2023

Net Earnings per Class A common share

Earnings per Share

18. Earnings per Share

Under the two-class method, net income, if any, is first reduced by the amount of dividends declared in respect of common shares for the current period, if any, and the remaining earnings are allocated to common shares and participating securities to the extent that each security can share the earnings assuming all earnings for the period are distributed.

Earnings are only allocated to participating securities in a period of net income if, based on the contractual terms, the relevant common shareholders have an obligation to participate in such earnings. As a result, earnings are only allocated to the Class A common shareholders.

At December 31, 2023 and 2022, there were 881,213 and 1,316,711, respectively, shares of incentive share grants unvested as part of senior management’s and non-executive directors incentive awards approved on September 29, 2021.

18. Earnings per Share (continued)

Numerator:		December 31, 2023		December 31, 2022		December 31, 2021
Net income available to common shareholders:
Class A, basic and diluted	$	294,964	$	283,389	$	163,232
Denominator:
Class A Common shares
Basic weighted average number of common shares outstanding		35,405,458		36,603,134		35,125,003
Plus weighted average number of RSUs with service conditions		523,464		601,211		383,012
Common share and common share equivalents, dilutive		35,928,922		37,204,345		35,508,015
Basic earnings per share:
Class A		8.33		7.74		4.65
Diluted earnings per share:
Class A		8.21		7.62		4.60