v3.25.4
Net Income Per Share
12 Months Ended
Dec. 31, 2025
Net Income Per Share  
Net Income Per Share

11. Net Income Per Share

Basic net income per share is computed by dividing net income attributable to shareholders by the weighted-average number of common shares outstanding for the period. Diluted net income per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock.  The dilutive effect of equity awards is calculated using the treasury stock method.

The following table presents the computation of net income per share on a basic and diluted basis for the years ended December 31:

(thousands except per share data)

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Net income attributable to shareholders

$

571,266

$

392,074

$

903,505

Weighted-average shares outstanding - basic

 

51,804

 

53,282

 

56,359

Net effect of various dilutive stock-based compensation awards

 

451

 

515

 

676

Weighted-average shares outstanding - diluted

 

52,255

 

53,797

 

57,035

Net income per share:

 

  ​

 

  ​

 

  ​

Basic

$

11.03

$

7.36

$

16.03

Diluted (a)

$

10.93

$

7.29

$

15.84

(a) Equity awards excluded from diluted net income per share as their effect would have been anti-dilutive

32

16

32