Earnings Per Share

12 Months Ended

Dec. 31, 2023

The following table shows our basic and diluted EPS calculations:


	Year Ended December 31,
	2023		2022		2021
	(Dollars in thousands, except per share amounts)
Numerator
Net income	$	401,005	$	562,139	$	573,657
Less: distributed earnings allocated to participating securities	(895)		(717)		(634)
Less: undistributed earnings allocated to participating securities	(1,353)		(2,026)		(2,343)
Net income attributable to common stockholders (numerator for basic earnings per share)	398,757		559,396		570,680
Add back: undistributed earnings allocated to participating securities	1,353		2,026		2,343
Less: undistributed earnings reallocated to participating securities	(1,329)		(1,987)		(2,269)
Numerator for diluted earnings per share under two-class method	$	398,781	$	559,435	$	570,754

Denominator
Weighted-average common shares outstanding	73,505,508		71,035,558		70,174,281
Add: dilutive effect of stock options	1,347,513		1,382,340		2,302,773
Add: dilutive effect of contingently issuable equity awards	504,944		525,946		377,547
Denominator for diluted earnings per share under two-class method	75,357,965		72,943,844		72,854,601

Basic Earnings Per Common Share	$	5.42	$	7.87	$	8.13
Diluted Earnings Per Common Share	$	5.29	$	7.67	$	7.83

Diluted EPS for the years ended December 31, 2023, 2022 and 2021 excluded options to purchase approximately 15,000, 1,861,534 and 15,000 shares, respectively, of common stock because the effect of their inclusion would be anti-dilutive.