We had 37,202 shares of nonvested restricted stock at June 30, 2025 and 34,538 shares of nonvested restricted stock at June 30, 2024 that were excluded from the calculation of diluted earnings per share, as their effect on earnings per share would be anti-dilutive. The nonvested restricted stock is considered a participating security since the restricted stock contains nonforfeitable rights to dividends. As such, we use the two-class method to compute basic and diluted earnings per share for all periods presented since this method yields the most dilutive result. The following table illustrates the earnings allocation method utilized in the calculation of basic and diluted earnings per share.


	Second Quarter Ended June 30,				Six Months Ended June 30,
(in thousands, except per-share amounts)	2025		2024		2025		2024
Earnings per share numerator:
Net income attributable to common shareholders before allocation of earnings to participating securities	$	111,244	$	111,620	$	237,193	$	219,352
Earnings allocated to participating securities	(426)		(400)		(906)		(773)
Net income attributable to common shareholders after allocation of earnings to participating securities	$	110,818	$	111,220	$	236,287	$	218,579
Earnings per share denominator:
Weighted-average number of shares of common stock outstanding - basic and diluted	9,362		9,560		9,411		9,559


Earnings per share - basic and diluted	$	11.84	$	11.63	$	25.11	$	22.87