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):
Year Ended December 31,202520242023
Net income available to stockholders$526,705 $466,379 $434,957 
Less dividends paid:
Common stock(326,693)(296,818)(263,016)
Time-lapse restricted awards(1,208)(1,313)(1,332)
Undistributed earnings for the period$198,804 $168,248 $170,609 
Allocation of undistributed earnings:
Common stock$198,072 $167,507 $169,687 
Time-lapse restricted awards732 741 859 
Restricted stock units — 63 
Weighted-average shares outstanding:
Weighted-average outstanding common shares482,322482,117487,480
Add participating securities:
Weighted-average time-lapse restricted awards1,7832,1322,469
Total weighted-average shares outstanding – basic484,105484,249489,949
Dilutive effect of restricted stock units4246181
Total weighted-average shares outstanding – diluted484,147484,295490,130
Basic earnings per share:
Common stock:
Distributed earnings$0.68 $0.62 $0.54 
Undistributed earnings0.41 0.34 0.35 
Basic earnings per share$1.09 $0.96 $0.89 
Diluted earnings per share:
Common stock:
Distributed earnings$0.68 $0.62 $0.54 
Undistributed earnings0.41 0.34 0.35 
Diluted earnings per share$1.09 $0.96 $0.89 

Historical Timeline

Fiscal YearFiled
2025Feb 12, 2026Showing above
2024Feb 13, 2025
2023Feb 15, 2024

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.