EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2023

The Company reports both basic and diluted earnings per share. Basic earnings per share is computed by dividing net income available to participating common stockholders by the weighted average number of participating common shares outstanding for the period. Diluted earnings per share is calculated by dividing the net income available to participating common shareholders by the diluted weighted average number of shares outstanding for the period. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive equity.

A reconciliation of weighted average shares outstanding is as follows (in thousands):


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022

Weighted-average outstanding common shares	490,168	489,741	490,058	489,679
Add participating securities:
Weighted-average time-lapse restricted awards	2,532	2,586	2,535	2,591
Total weighted-average shares outstanding - basic	492,700	492,327	492,593	492,270
Dilutive effect of restricted stock units and PSUs	191	113	171	112
Weighted-average shares outstanding - diluted	492,891	492,440	492,764	492,382