EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2023

EARNINGS PER SHARE

EARNINGS PER SHARE

4.    EARNINGS PER SHARE

Basic and diluted earnings per share are computed by dividing net income by the weighted average number of shares outstanding during the respective periods. In addition, the Company has periodically issued share-based payment awards that contain non-forfeitable rights to dividends and are therefore considered participating securities. Restricted shares of common stock (participating securities) outstanding and a reconciliation of weighted average shares outstanding is as follows:

	Three months ended				Six months ended
	June 30				June 30
(in thousands)	2023		2022		2023		2022
Net income available for stockholders	$	65,013	$	46,939	$	136,537	$	62,018
Less: Adjustments for earnings attributable to participating securities		(1,056)		(695)		(2,193)		(886)
Net income used in calculating earnings per share	$	63,957	$	46,244	$	134,344	$	61,132
Weighted average shares outstanding (including participating securities)		216,398		216,565		216,762		216,403
Adjustment for participating securities		(3,584)		(3,206)		(3,544)		(3,090)
Shares used in calculating basic and diluted earnings per share		212,814		213,359		213,218		213,313