Basic earnings per share (“EPS”) is computed based on the weighted average number of shares outstanding during the period. Diluted EPS is computed based upon the weighted average number of shares outstanding during the period plus unvested RSAs and other nonvested awards granted pursuant to our incentive and equity compensation plans. The computation of diluted EPS reflects the potential dilution that could occur if all outstanding awards under the incentive and equity compensation plans were converted into shares of Common Stock or resulted in the issuance of shares of Common Stock that would then share in the earnings of the Company. The number of dilutive securities is computed using the treasury stock method.

The following table sets forth the computation of basic and diluted EPS for the three and six months ended June 30, 2025 and 2024 (in thousands, except number of shares and per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net income	$	116,140	$	114,589	$	236,792	$	229,006

Basic earnings per share:
Weighted average shares outstanding for basic earnings per share	22,987,326		22,987,971		22,984,029		22,995,486
Basic earnings per share	$	5.05	$	4.99	$	10.30	$	9.96

Diluted earnings per share:
Weighted average shares outstanding for basic earnings per share	22,987,326		22,987,971		22,984,029		22,995,486
Effect of dilutive securities:
Incentive and equity compensation plans	26,254		25,822		24,925		22,827
Weighted average shares outstanding for diluted earnings per share	23,013,580		23,013,793		23,008,954		23,018,313
Diluted earnings per share	$	5.05	$	4.98	$	10.29	$	9.95

Restricted stock, if any, is included in the number of shares of Common Stock issued and outstanding, but omitted from the basic EPS calculation until the shares of restricted stock vest. Certain stock awards granted are not included in the dilutive securities in the table above as they were anti-dilutive for the three and six months ended June 30, 2025. There were no anti-dilutive securities for the three and six months ended June 30, 2024.