EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2023

EARNINGS PER SHAREThe 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 September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022

Weighted-average outstanding common shares	488,304	489,756	489,467	489,705
Add participating securities:
Weighted-average time-lapse restricted awards	2,471	2,560	2,513	2,580
Total weighted-average shares outstanding - basic	490,775	492,316	491,980	492,285
Dilutive effect of restricted stock units and PSUs	190	114	178	113
Weighted-average shares outstanding - diluted	490,965	492,430	492,158	492,398