Net income per common share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Net income per common share

Note 10 Net income per common share

Basic net income per common share is computed by first subtracting preferred stock dividends from net income to arrive at net income available to common stockholders, and then dividing net income available to common stockholders by the basic weighted-average common shares outstanding for the period. Diluted net income per common share is computed by dividing net income by the diluted weighted average common shares outstanding for the period, which reflects the potential dilution of preferred stock and non-vested equity-based compensation awards. See Notes 8 and 9 for additional discussion of the Company's preferred stock and equity-based compensation awards.

The following table reflects the calculations of basic and diluted (i) weighted-average common shares outstanding and (ii) net income per common share for the periods presented:

	Years ended December 31,
(in thousands, except for per share data)	2023		2022		2021
Net income	$	695,078	$	631,512	$	145,008
Less: Preferred stock dividends	449		—		—
Net income available to common stockholders	$	694,629	$	631,512	$	145,008
Weighted-average common shares outstanding:
Basic	20,254		16,672		14,240
Dilutive non-vested restricted stock awards	106		183		181
Dilutive non-vested performance share awards(1)	2		12		43
Dilutive preferred stock	421		—		—
Diluted	20,783		16,867		14,464
Net income per common share:
Basic	$	34.30	$	37.88	$	10.18
Diluted	$	33.44	$	37.44	$	10.03

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(1)The dilutive effect of the non-vested performance shares for the year ended December 31, 2023 was calculated as of the end of the performance period on December 31, 2023.