The Company calculates earnings per share under the two-class method. The Company has granted RSUs to non-employee directors which include non-forfeitable rights to dividends and are therefore considered “participating securities.” Accordingly, the Company computes earnings per share under the two-class earnings allocation method, which computes earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings.

Basic earnings per share amounts have been computed as (i) net income (ii) less distributed and undistributed earnings allocated to participating securities (iii) divided by the weighted average number of basic shares outstanding for the periods presented. Diluted earnings per share amounts have been computed as (i) basic net income attributable to common stockholders (ii) plus the reallocation of distributed and undistributed earnings allocated to participating securities (iii) divided by the weighted average number of diluted shares outstanding for the periods presented. The Company calculates diluted earnings per share under both the two-class method and treasury stock method and reports the more dilutive of the two calculations.

The following table summarizes the basic and diluted earnings per share for the periods presented:


	Three Months Ended March 31,


	2025		2024

	(In thousands, except per share data)
Net income	$	219,837	$	199,353
Distributed and undistributed earnings allocated to participating securities	(1,229)		(787)
Net income attributable to common stockholders (basic)	218,608		198,566
Reallocation of distributed and undistributed earnings allocated to participating securities	2		7
Net income attributable to common stockholders (diluted)	$	218,610	$	198,573

Weighted average common shares outstanding:
Basic weighted average common shares outstanding	59,502		41,468
Dilutive effect of share-based awards	163		500
Dilutive effect of warrants	—		779
Diluted weighted average common shares outstanding	59,665		42,747

Basic earnings per share	$	3.67	$	4.79
Diluted earnings per share	$	3.66	$	4.65

Anti-dilutive weighted average common shares:
Potential common shares	892		2,238

For the three months ended March 31, 2025 and 2024, the diluted earnings per share calculation excludes the impact of unvested share-based awards and outstanding warrants that were anti-dilutive.