v3.25.2
Earnings Per Share
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The Company’s unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are deemed participating securities, and therefore dividends and net income allocated to such awards have been deducted from earnings in computing basic and diluted net income per share under the two-class method. Diluted net income per share attributable to Class A Common Stock is calculated under both the two-class method and the treasury stock method and the more dilutive of the two calculations is presented.
The components of basic and diluted net income per share attributable to Class A Common Stock are as follows:
Three Months EndedSix Months Ended
(In thousands, except per share data)June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Basic:
Net income attributable to Class A Common Stock$78,117 $95,559 $181,044 $180,645 
Less: Dividends and net income allocated to participating securities999 1,205 2,601 2,311 
Net income, net of participating securities$77,118 $94,354 $178,443 $178,334 
Weighted average number of common shares outstanding during the period - basic186,518 184,937 187,579 183,652 
Net income per share of Class A Common Stock - basic
$0.41 $0.51 $0.95 $0.97 
Diluted:
Net income attributable to Class A Common Stock$78,117 $95,559 $181,044 $180,645 
Less: Dividends and net income allocated to participating securities999 1,206 2,601 2,311 
Net income, net of participating securities$77,118 $94,353 $178,443 $178,334 
Weighted average number of common shares outstanding during the period - basic186,518 184,937 187,579 183,652 
Add: Dilutive effect of stock based compensation and other12 28 12 42 
Weighted average number of common shares outstanding during the period - diluted186,530 184,965 187,591 183,694 
Net income per share of Class A Common Stock - diluted
$0.41 $0.51 $0.95 $0.97 
For the three months ended June 30, 2025 and 2024, the Company excluded 5.5 million and 16.2 million, respectively, of weighted average shares of Class A Common Stock issuable upon the exchange of Class B Common Stock (and corresponding Magnolia LLC Units) as the effect was anti-dilutive. For the six months ended June 30, 2025 and 2024, the Company excluded 5.5 million and 19.0 million, respectively, of weighted average shares of Class A Common Stock issuable upon the exchange of Class B Common Stock (and corresponding Magnolia LLC Units) as the effect was anti-dilutive.