v3.26.1
Earnings per Share
12 Months Ended
Dec. 31, 2025
Net Earnings per Class A common share  
Earnings per Share

18. Earnings per Share

Under the two-class method, net income, if any, is first reduced by the amount of dividends declared in respect of common shares for the current period, if any, and the remaining earnings are allocated to common shares and participating securities to the extent that each security can share the earnings assuming all earnings for the period are distributed.

Earnings are only allocated to participating securities in a period of net income if, based on the contractual terms, the relevant common shareholders have an obligation to participate in such earnings. As a result, earnings are only allocated to the Class A common shareholders.

 

At December 31, 2025 and 2024, there were 2,314,347 and 261,461, respectively, shares of incentive share grants unvested as part of senior management’s and non-executive directors incentive awards approved on September 25, 2025, and on September 29, 2021, respectively.

Earnings/(Loss) per Share (Table)

                 
Numerator:   December 31, 2025     December 31, 2024     December 31, 2023
Net income available to common shareholders:                
Class A, basic and diluted $ 406,919   $ 344,092   $ 294,964
                 
Denominator:                
Class A Common shares                
Basic weighted average number of common shares outstanding   35,708,122     35,316,495     35,405,458
Plus weighted average number of RSUs with service conditions   254,014     261,461     523,464
Common share and common share equivalents, dilutive   35,962,136     35,577,956     35,928,922
                 
Basic earnings per share:                
Class A   11.40     9.74     8.33
                 
Diluted earnings per share:                
Class A   11.32     9.67     8.21