EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2023

EARNINGS PER SHARE

EARNINGS PER SHARE

6.    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. The following table shows the

restricted shares of common stock (participating securities) outstanding and a reconciliation of outstanding weighted average shares:

	Three months ended				Nine months ended
	September 30,				September 30,
(in thousands)	2023		2022		2023		2022
Net income available for stockholders	$	18,317	$	69,340	$	154,854	$	131,358
Less: Adjustments for earnings attributable to participating securities		(279)		(1,041)		(2,477)		(1,910)
Net income used in calculating earnings per share	$	18,038	$	68,299	$	152,377	$	129,448
Weighted average shares outstanding (including participating securities)		216,333		216,647		216,631		216,485
Adjustment for participating securities		(3,543)		(3,288)		(3,549)		(3,163)
Shares used in calculating basic and diluted earnings per share		212,790		213,359		213,082		213,322