| Calculation of Basic and Diluted Earnings Per Share |
The calculation of basic and diluted EPS was as follows:
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Three months ended June 30, |
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Six months ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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(In thousands, except per-share amounts) |
Basic EPS: |
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Numerator (continuing operations): |
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Income from continuing operations |
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$ |
178,344 |
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$ |
209,302 |
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$ |
347,395 |
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$ |
357,715 |
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Income attributable to unvested participating securities |
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(572 |
) |
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(96 |
) |
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(1,158 |
) |
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(1,084 |
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Income from continuing operations used in calculating basic EPS |
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$ |
177,772 |
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$ |
209,206 |
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$ |
346,237 |
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$ |
356,631 |
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Numerator (discontinued operations): |
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Loss from discontinued operations |
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$ |
- |
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$ |
(208,131 |
) |
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$ |
- |
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$ |
(218,641 |
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Loss attributable to unvested participating securities |
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- |
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- |
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- |
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537 |
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Loss from discontinued operations used in calculating
basic EPS |
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$ |
- |
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$ |
(208,131 |
) |
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$ |
- |
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$ |
(218,104 |
) |
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Denominator: |
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Weighted-average vested shares |
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32,870 |
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34,383 |
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33,080 |
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34,633 |
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Basic EPS from continuing operations |
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$ |
5.41 |
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$ |
6.08 |
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$ |
10.47 |
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$ |
10.30 |
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Basic EPS from discontinued operations |
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- |
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(6.05 |
) |
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- |
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(6.30 |
) |
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Basic EPS |
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$ |
5.41 |
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$ |
0.03 |
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$ |
10.47 |
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$ |
4.00 |
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Diluted EPS: |
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Numerator (continuing operations): |
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Income from continuing operations |
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$ |
178,344 |
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$ |
209,302 |
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$ |
347,395 |
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$ |
357,715 |
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Income attributable to unvested participating securities |
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(571 |
) |
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(96 |
) |
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(1,156 |
) |
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(1,083 |
) |
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Income from continuing operations used in calculating diluted EPS |
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$ |
177,773 |
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$ |
209,206 |
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$ |
346,239 |
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$ |
356,632 |
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Numerator (discontinued operations): |
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Loss from discontinued operations |
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$ |
- |
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$ |
(208,131 |
) |
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$ |
- |
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$ |
(218,641 |
) |
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Loss attributable to unvested participating securities |
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- |
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- |
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- |
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536 |
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Loss from discontinued operations used in calculating
diluted EPS |
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$ |
- |
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$ |
(208,131 |
) |
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$ |
- |
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$ |
(218,105 |
) |
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Denominator: |
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Weighted-average vested shares |
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32,870 |
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34,383 |
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33,080 |
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34,633 |
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Dilutive effect of incremental shares to be issued for
contingently-issuable shares |
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41 |
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57 |
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46 |
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55 |
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Weighted-average shares used in calculating diluted EPS |
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32,911 |
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34,440 |
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33,126 |
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34,688 |
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Diluted EPS from continuing operations |
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$ |
5.40 |
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$ |
6.07 |
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$ |
10.45 |
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$ |
10.28 |
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Diluted EPS from discontinued operations |
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- |
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(6.04 |
) |
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- |
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(6.29 |
) |
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Diluted EPS |
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$ |
5.40 |
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$ |
0.03 |
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$ |
10.45 |
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$ |
3.99 |
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