| Schedule of Weighted Average Number of Shares |
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):
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| Year Ended December 31, |
2023 |
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2022 |
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2021 |
| Net income available to stockholders |
$ |
434,957
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$ |
368,599 |
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$ |
356,565 |
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| Less dividends paid: |
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| Common stock |
(263,016) |
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(210,509) |
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(207,482) |
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| Time-lapse restricted awards |
(1,332) |
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(1,109) |
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(1,174) |
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| Undistributed earnings for the period |
$ |
170,609
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$ |
156,981 |
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$ |
147,909 |
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| Allocation of undistributed earnings: |
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| Common stock |
$ |
169,687
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$ |
156,123 |
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$ |
147,069 |
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| Time-lapse restricted awards |
859
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823 |
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840 |
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| Restricted stock units |
63
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35 |
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— |
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| Weighted-average shares outstanding: |
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| Weighted-average outstanding common shares |
487,480 |
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489,719 |
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489,259 |
| Add participating securities: |
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| Weighted-average time-lapse restricted awards |
2,469 |
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2,581 |
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2,795 |
| Total weighted-average shares outstanding – basic |
489,949 |
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492,300 |
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492,054 |
| Dilutive effect of restricted stock units |
181 |
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113 |
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— |
| Total weighted-average shares outstanding – diluted |
490,130 |
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492,413 |
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492,054 |
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| Basic earnings per share: |
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| Common stock: |
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| Distributed earnings |
$ |
0.54
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$ |
0.43 |
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$ |
0.42 |
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| Undistributed earnings |
0.35
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0.32 |
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0.30 |
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$ |
0.89
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$ |
0.75 |
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$ |
0.72 |
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| Diluted earnings per share: |
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| Common stock: |
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| Distributed earnings |
$ |
0.54
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$ |
0.43 |
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$ |
0.42 |
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| Undistributed earnings |
0.35
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0.32 |
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0.30 |
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$ |
0.89
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$ |
0.75 |
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$ |
0.72 |
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