| EARNINGS PER SHARE |
EARNINGS PER SHARE 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):
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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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