Earnings Per Share

12 Months Ended

Dec. 31, 2022

On January 25, 2021, the Company declared an 8% stock dividend that was distributed on March 17, 2021 to shareholders of record on March 3, 2021. In accordance with ASC 260, basic and diluted earnings per share amounts, weighted-average shares outstanding, and dividends declared per share have been restated for all appropriate periods presented to reflect the effect of these stock dividends. The following table shows our basic and diluted EPS calculations:


	Year Ended December 31,
	2022		2021		2020
	(Dollars in thousands, except per share amounts)
Numerator
Net income	$	562,139	$	573,657	$	367,582
Less: distributed earnings allocated to participating securities	(717)		(634)		(583)
Less: undistributed earnings allocated to participating securities	(2,026)		(2,343)		(1,748)
Net income attributable to common stockholders (numerator for basic earnings per share)	559,396		570,680		365,251
Add back: undistributed earnings allocated to participating securities	2,026		2,343		1,748
Less: undistributed earnings reallocated to participating securities	(1,987)		(2,269)		(1,704)
Numerator for diluted earnings per share under two-class method	$	559,435	$	570,754	$	365,295

Denominator
Weighted-average common shares outstanding	71,035,558		70,174,281		68,531,856
Add: dilutive effect of stock options	1,382,340		2,302,773		1,792,006
Add: dilutive effect of contingently issuable equity awards	525,946		377,547		352,719
Denominator for diluted earnings per share under two-class method	72,943,844		72,854,601		70,676,581

Basic Earnings Per Common Share	$	7.87	$	8.13	$	5.33
Diluted Earnings Per Common Share	$	7.67	$	7.83	$	5.17

Diluted EPS for the years ended December 31, 2022, 2021 and 2020 excluded options to purchase approximately 1,861,534, 15,000, 400,000 shares, respectively, of common stock because the effect of their inclusion would be anti-dilutive.