| Earnings per share |
Earnings per shareThe following table presents the computation of earnings per share for the periods shown below (in thousands, except share and per share amounts):
|
|
|
|
|
|
|
|
|
Three months ended March 31, |
|
|
2025 |
|
|
2024 |
|
Net income |
$ |
52,123 |
|
|
$ |
28,140 |
|
Less net income attributable to non-controlling interest |
|
40,736 |
|
|
|
21,816 |
|
Net income attributable to shareholders – basic |
$ |
11,387 |
|
|
$ |
6,324 |
|
Add: Reallocation of net income attributable to non-controlling interest |
|
37,573 |
|
|
|
— |
|
Net income attributable to shareholders – diluted |
$ |
48,960 |
|
|
$ |
6,324 |
|
|
|
|
|
|
|
Weighted average shares outstanding – basic |
|
23,900,116 |
|
|
|
26,161,691 |
|
Issued upon assumed exercise of outstanding stock options |
|
2,893 |
|
|
|
— |
|
Dilutive effect of unvested restricted common stock |
|
372,817 |
|
|
|
19,549 |
|
Dilutive effect of unvested performance units |
|
454,377 |
|
|
|
810 |
|
Class B Common Stock converted to Class A Common Stock |
|
82,021,389 |
|
|
|
— |
|
Weighted average shares outstanding – diluted |
|
106,751,592 |
|
|
|
26,182,050 |
|
|
|
|
|
|
|
Earnings per share |
|
|
|
|
|
Basic |
$ |
0.48 |
|
|
$ |
0.24 |
|
Diluted |
$ |
0.46 |
|
|
$ |
0.24 |
|
The following table presents the common stock share equivalents excluded from the calculation of diluted earnings per share for the periods shown below, as they would have had an antidilutive effect:
|
|
|
|
|
|
|
|
|
Three months ended March 31, |
|
|
2025 |
|
|
2024 |
|
Restricted common stock |
|
— |
|
|
|
7,124 |
|
Performance stock units |
|
48 |
|
|
|
342 |
|
Class B Common Stock |
|
— |
|
|
|
82,021,389 |
|
|