Earnings Per Common Share (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Earnings Per Share, Basic and Diluted

The following table summarizes the average number of common shares and the net income used in the calculation of basic and diluted earnings per common share ($ in thousands, except share and per share amounts):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Net income	$	29,033	$	34,229	$	102,662	$	63,941
Add: net loss attributable to noncontrolling interests	313		239		946		599
Net income attributable to stockholders	29,346		34,468		103,608		64,540
Less: net income attributable to unvested restricted stock awards	(19)		—		(38)		—
Net income attributable to common stockholders - basic	$	29,327	$	34,468	$	103,570	$	64,540

BASIC:
Weighted average common shares outstanding	43,388,841		44,339,975		43,388,779		45,236,696

DILUTED:
Weighted average common shares outstanding	43,388,841		44,339,975		43,388,779		45,236,696
Stock options	—		62,607		896		24,427
Weighted average dilutive common shares outstanding	43,388,841		44,402,582		43,389,675		45,261,123

Earnings per common share - basic	$	0.68	$	0.78	$	2.39	$	1.43
Earnings per common share - diluted	$	0.68	$	0.78	$	2.39	$	1.43

Incremental anti-dilutive shares excluded:
Net share effect of stock options with an exercise price in excess of the average market price for our common shares	816,353		390,159		781,727		501,183

Regular dividends declared per common share	$	0.90	$	0.90	$	2.70	$	2.70