EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2024

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
	March 31,
(in thousands)	2024		2023
Net income available for stockholders	$	27,467	$	71,524
Less: Adjustments for earnings attributable to participating securities		(423)		(1,136)
Net income used in calculating earnings per share	$	27,044	$	70,388
Weighted average shares outstanding (including participating securities)		215,001		217,152
Adjustment for participating securities		(3,310)		(3,503)
Shares used in calculating basic and diluted earnings per share		211,691		213,649