Earnings per Share

3 Months Ended

Mar. 31, 2026

EARNINGS PER SHARE

Basic earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of shares of common stock outstanding during the period. The computation of diluted earnings per share is similar to the computation of basic earnings per share, except that the denominator is increased to include the number of additional shares of common stock that would have been outstanding if dilutive potential shares of common stock had been issued. The calculation of basic and diluted earnings per share for the periods noted was as follows (in thousands, except per share data):


	Three Months Ended March 31,
	2026		2025
Net income	$	356,404	$	318,573

Basic weighted-average number of shares outstanding	80,113		74,600
Dilutive common share equivalents	333		512
Diluted weighted-average number of shares outstanding	80,446		75,112

Basic earnings per share	$	4.45	$	4.27
Diluted earnings per share	$	4.43	$	4.24

The computation of diluted earnings per share excludes stock options, warrants and stock units that are anti-dilutive. For the three months ended March 31, 2026 and 2025, stock options, warrants and stock units representing common share equivalents of 150,084 shares and 91,122 shares, respectively, were anti-dilutive.