| Earnings Per Share |
Earnings Per Share The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted earnings per share for the three and nine months ended September 30, 2023 and 2022. All per share amounts, common shares outstanding and common equity-based awards for all periods presented have been adjusted on a retroactive basis to reflect the reverse stock split.
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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(in thousands, except share data) |
2023 |
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2022 |
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2023 |
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2022 |
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Basic Earnings Per Share: |
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Net income |
$ |
306,192 |
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$ |
277,612 |
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$ |
326,829 |
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$ |
490,462 |
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Dividends on preferred stock |
(12,115) |
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(13,747) |
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(36,595) |
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(41,242) |
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Gain on repurchase and retirement of preferred stock |
— |
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— |
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2,454 |
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— |
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Dividends and undistributed earnings allocated to participating restricted stock units |
(1,895) |
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(1,383) |
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(1,936) |
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(2,225) |
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Net income attributable to common stockholders, basic |
$ |
292,182 |
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$ |
262,482 |
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$ |
290,752 |
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$ |
446,995 |
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Basic weighted average common shares |
96,176,287 |
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86,252,104 |
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95,059,856 |
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86,107,979 |
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Basic earnings per weighted average common share |
$ |
3.04 |
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$ |
3.04 |
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$ |
3.06 |
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$ |
5.19 |
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Diluted Earnings Per Share: |
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Net income attributable to common stockholders, basic |
$ |
292,182 |
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$ |
262,482 |
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$ |
290,752 |
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$ |
446,995 |
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Reallocation impact of undistributed earnings to participating restricted stock units |
117 |
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70 |
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5 |
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(18) |
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Interest expense attributable to convertible notes |
4,636 |
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4,877 |
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14,164 |
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14,720 |
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Net income attributable to common stockholders, diluted |
$ |
296,935 |
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$ |
267,429 |
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$ |
304,921 |
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$ |
461,697 |
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Basic weighted average common shares |
96,176,287 |
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86,252,104 |
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95,059,856 |
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86,107,979 |
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Effect of dilutive shares issued in an assumed vesting of performance share units |
241,752 |
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140,833 |
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316,447 |
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157,200 |
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Effect of dilutive shares issued in an assumed conversion |
9,210,091 |
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9,739,163 |
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9,472,715 |
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9,855,665 |
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Diluted weighted average common shares |
105,628,130 |
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96,132,100 |
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104,849,018 |
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96,120,844 |
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Diluted earnings per weighted average common share |
$ |
2.81 |
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$ |
2.78 |
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$ |
2.91 |
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$ |
4.80 |
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___________________
(1)If applicable, includes a nondiscretionary adjustment for the assumed change in the management fee calculation.
For the three and nine months ended September 30, 2023 and 2022, participating RSUs were included in the calculations of basic and diluted earnings per share under the two-class method, as it was more dilutive than the alternative treasury stock method.
For the three and nine months ended September 30, 2023 and 2022, the assumed vesting of outstanding PSUs was included in the calculation of diluted earnings per share under the two-class method, as it was more dilutive than the alternative treasury stock method. For the three and nine months ended September 30, 2023 and 2022, the assumed conversion of the Company’s convertible senior notes was included in the calculation of diluted earnings per share under the if-converted method.
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