XML 37 R18.htm IDEA: XBRL DOCUMENT v3.24.0.1
EQUITY AND EPS
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
EQUITY AND EPS EQUITY AND EPS
Capital Stock. Common stockholders are entitled to elect four of the nine members of the Company’s Board of Directors, while preferred stockholders are entitled to elect the remaining five members. All directors are elected annually for a one year term. Any vacancies on the Board may only be filled by the stockholders and not by the Board. Stockholders who own 10 percent or more of the outstanding Common Stock or Preferred Stock have the right to call a special meeting of stockholders. Common stockholders are not entitled to vote with respect to a merger, dissolution, lease, exchange or sale of substantially all of the Company’s assets, or on an amendment to the Articles of Incorporation, unless such action would increase or decrease the authorized shares or par value of the Common Stock or Preferred Stock, or change the powers, preferences or special rights of the Common Stock or preferred stock so as to affect the Common stockholders adversely. Generally, Common stockholders and Preferred stockholders vote as separate classes on all other matters requiring shareholder approval.
EPS. The following table presents the computations of basic and diluted EPS:
Year Ended December 31,
 202320222021
Operations:
Net income(a)
$107,130 $108,872 $90,817 
Net loss attributable to noncontrolling interest345 590 490 
Income attributable to participating securities (unvested shares and units) (b)
(1,074)(871)(712)
Net income used in EPS calculation$106,401 $108,591 $90,595 
Share information:
Basic weighted average common shares(c)
22,059,816 22,002,990 20,719,663 
Diluted weighted average common shares(d)
22,173,918 22,053,966 20,719,663 
Basic EPS$4.82 $4.94 $4.37 
Diluted EPS$4.80 $4.92 $4.37 
(a)Net income attributable to all stockholders.
(b)Participating securities included 226,410, 177,398, and 163,024 unvested restricted stock units (“RSUs”) for the years ended December 31, 2023, 2022, and 2021, respectively.
(c)Under the two class method, basic weighted average common shares exclude outstanding unvested participating securities.
(d)The impacts of the Convertible Senior Notes were included in the diluted weighted average common shares if the inclusion was dilutive. The Convertible Senior Notes would only have a dilutive impact if the average market price per share during the quarter and year to date period exceeds the conversion price of $96.24 per share. There was no dilutive impact for the year ended December 31, 2021.

Share Issuance. On April 1, 2021, as part of the consideration for the Merger with Luxco, the Company issued 5,007,833 shares of Common Stock. Additionally, in September 2021, the Merger parties finalized the purchase price adjustments, which increased stock consideration by an additional 1,373 shares from the preliminary amounts that were paid at closing.
Shares Outstanding Activity. The following table presents the Company’s share activity:
Shares Outstanding
Preferred Stock
Common Stock
Balance at December 31, 2021
43721,964,314 
Issuance of Common Stock— 38,760 
Repurchase of Common Stock— (9,032)
Balance at December 31, 2022
43721,994,042 
Issuance of Common Stock— 30,507 
Repurchase of Common Stock— (8,436)
Balance at December 31, 2023
43722,016,113 
Dividends and Dividend Equivalents. The following table presents the Company’s dividend and dividend equivalent information:
Dividend and Dividend Equivalent Information (per Share and Unit)
Declaration dateRecord datePayment dateDeclaredPaidDividend payment
Dividend equivalent payment(a)(b)
Total payment(b)
2023 
February 23March 10March 24$0.12 $0.12 $2,640 $29 $2,669 
May 4May 19June 20.12 0.12 2,641 27 2,668 
August 3August 18September 10.12 0.12 2,642 27 2,669 
November 2November 17December 10.12 0.12 2,642 27 2,669 
$0.48 $0.48 $10,565 $110 $10,675 
2022
February 22March 11March 25$0.12 $0.12 $2,638 $23 $2,661 
May 5May 20June 30.12 0.12 2,638 23 2,661 
August 4August 19September 20.12 0.12 2,639 23 2,662 
November 3November 18December 20.12 0.12 2,639 23 2,662 
$0.48 $0.48 $10,554 $92 $10,646 
2021
February 23March 12March 26$0.12 $0.12 $2,033 $19 $2,052 
May 3May 21June 40.12 0.12 2,635 20 2,655 
August 2August 20September 30.12 0.12 2,635 20 2,655 
November 1November 19December 30.12 0.12 2,635 20 2,655 
$0.48 $0.48 $9,938 $79 $10,017 
(a) Dividend equivalent payments on unvested participating securities (see Note 12, Employee Benefit Plans).
(b) Includes estimated forfeitures.