EARNINGS PER SHARE

12 Months Ended

Dec. 31, 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 stockholders 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.

The following table sets forth the computation of basic and diluted earnings per share under the two-class method (in thousands, except per share data):


Year Ended December 31,	2023		2022		2021
Net income available to stockholders	$	434,957	$	368,599	$	356,565
Less dividends paid:
Common stock	(263,016)		(210,509)		(207,482)
Time-lapse restricted awards	(1,332)		(1,109)		(1,174)
Undistributed earnings for the period	$	170,609	$	156,981	$	147,909
Allocation of undistributed earnings:
Common stock	$	169,687	$	156,123	$	147,069
Time-lapse restricted awards	859		823		840
Restricted stock units	63		35		—
Weighted-average shares outstanding:
Weighted-average outstanding common shares	487,480		489,719		489,259
Add participating securities:
Weighted-average time-lapse restricted awards	2,469		2,581		2,795
Total weighted-average shares outstanding – basic	489,949		492,300		492,054
Dilutive effect of restricted stock units	181		113		—
Total weighted-average shares outstanding – diluted	490,130		492,413		492,054

Basic earnings per share:
Common stock:
Distributed earnings	$	0.54	$	0.43	$	0.42
Undistributed earnings	0.35		0.32		0.30
	$	0.89	$	0.75	$	0.72




Diluted earnings per share:
Common stock:
Distributed earnings	$	0.54	$	0.43	$	0.42
Undistributed earnings	0.35		0.32		0.30
	$	0.89	$	0.75	$	0.72