Earnings Per Share

12 Months Ended

Dec. 31, 2022

Basic earnings per share is computed by dividing net earnings by the weighted average common shares outstanding and diluted net earnings is computed by dividing net earnings, adjusted for changes in the earnings allocated to Summit Inc. as a result of the assumed conversion of LP Units, by the weighted-average common shares outstanding assuming dilution.

The following table shows the calculation of basic income per share:


	2022		2021		2020
Net income attributable to Summit Inc.	$	272,145	$	152,184	$	137,967

Weighted average shares of Class A stock outstanding	119,747,056		119,415,448		115,993,963
Add: Nonvested restricted stock awards of retirement eligible shares	147,388		213,846		212,443
Weighted average shares outstanding	119,894,444		119,629,294		116,206,406
Basic earnings per share	$	2.27	$	1.27	$	1.19

Diluted net income attributable to Summit Inc.	$	272,145	$	152,184	$	137,967

Weighted average shares outstanding	119,894,444		119,415,448		115,993,963

Add: stock options	87,976		282,677		3,390
Add: warrants	11,647		17,674		—
Add: restricted stock units	460,700		816,966		520,871
Add: performance stock units	173,692		188,381		92,758
Weighted average dilutive shares outstanding	120,628,459		120,721,146		116,610,982
Diluted earnings per share	$	2.26	$	1.26	$	1.18

Excluded from the above calculations were the shares noted below as they were antidilutive:


	2022	2021	2020
Antidilutive shares:
LP Units	1,313,204	1,867,853	3,060,248

Warrants	—	—	100,037