| Net income per share |
The following tables present the computations of basic and diluted net earnings per share by class of common stock for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2026 | | | | | | | | | | | | Class B | | Non-Voting | | | | Voting | | Non-Voting | | Common Stock | | | | Common | | Common | | Equivalents | | Total | | (In thousands, except per share amounts) | Basic Earnings Per Share: (1) | | | | | | | | | Net earnings available to common and equivalent stockholders | $ | 61,045 | | | $ | 191 | | | $ | 769 | | | $ | 62,005 | | Less: Earnings allocated to unvested restricted stock (2) | (27) | | | — | | | — | | | (27) | | | Net earnings allocated to common and equivalent shares | $ | 61,018 | | | $ | 191 | | | $ | 769 | | | $ | 61,978 | | | | | | | | | | | Weighted average basic shares and unvested restricted | | | | | | | | | stock outstanding | 152,494 | | | 477 | | | 1,921 | | | 154,892 | | | Less: weighted average unvested restricted stock | | | | | | | | | outstanding | (71) | | | — | | | — | | | (71) | | | Weighted average basic shares outstanding | 152,423 | | | 477 | | | 1,921 | | | 154,821 | | | | | | | | | | | Basic earnings per share | $ | 0.40 | | | $ | 0.40 | | | $ | 0.40 | | | $ | 0.40 | | | | | | | | | | Diluted Earnings Per Share: (3) | | | | | | | | | Net earnings available to common and equivalent stockholders | $ | 61,045 | | | $ | 191 | | | $ | 769 | | | $ | 62,005 | | | Reallocation of net earnings as a result of conversion of | | | | | | | | | NVCE to Voting Common | 769 | | | — | | | — | | | — | | | Reallocation of net earnings | 7 | | | (7) | | | 1,487 | | | — | | | Net earnings for diluted earnings per share | $ | 61,821 | | | $ | 184 | | | $ | 2,256 | | | $ | 62,005 | | | | | | | | | | | Weighted average diluted shares outstanding | 154,502 | | | 477 | | | 5,853 | | | 160,832 | | | Conversion of NVCE to Voting Common | 5,853 | | | — | | | — | | | — | | | Shares used in computation of diluted earnings per share | 160,355 | | | 477 | | | 5,853 | | | 160,832 | | | | | | | | | | | Diluted earnings per share | $ | 0.39 | | | $ | 0.39 | | | $ | 0.39 | | | $ | 0.39 | |
________________________(1) Basic earnings per share is using the two-class method. (2) Represents cash dividends paid to holders of unvested restricted stock, net of forfeitures, plus undistributed earnings amounts available to holders of unvested restricted stock, if any. (3) Diluted earnings per share is using the treasury method. | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2025 | | | | | | | | | | | | Class B | | Non-Voting | | | | Voting | | Non-Voting | | Common Stock | | | | Common | | Common | | Equivalents | | Total | | (In thousands, except per share amounts) | Basic Earnings Per Share: (1) | | | | | | | | | Net earnings available to common and equivalent stockholders | $ | 40,963 | | | $ | 123 | | | $ | 2,535 | | | $ | 43,621 | | Less: Earnings allocated to unvested restricted stock (2) | (47) | | | — | | | — | | | (47) | | | Net earnings allocated to common and equivalent shares | $ | 40,916 | | | $ | 123 | | | $ | 2,535 | | | $ | 43,574 | | | | | | | | | | | Weighted average basic shares and unvested restricted | | | | | | | | | stock outstanding | 158,429 | | | 477 | | | 9,791 | | | 168,697 | | | Less: weighted average unvested restricted stock | | | | | | | | | outstanding | (202) | | | — | | | — | | | (202) | | | Weighted average basic shares outstanding | 158,227 | | | 477 | | | 9,791 | | | 168,495 | | | | | | | | | | | Basic earnings per share | $ | 0.26 | | | $ | 0.26 | | | $ | 0.26 | | | $ | 0.26 | | | | | | | | | | Diluted Earnings Per Share:(3) | | | | | | | | | Net earnings allocated to common and equivalent shares | $ | 40,963 | | | $ | 123 | | | $ | 2,535 | | | $ | 43,621 | | | Weighted average diluted shares outstanding | 158,734 | | | 477 | | | 10,223 | | | 169,434 | | | Diluted earnings per share | $ | 0.26 | | | $ | 0.26 | | | $ | 0.25 | | | $ | 0.26 | |
________________________ (1) Basic earnings per share is using the two-class method. (2) Represents cash dividends paid to holders of unvested restricted stock, net of forfeitures, plus undistributed earnings amounts available to holders of unvested restricted stock, if any. (3) Diluted earnings per share is using the treasury method.
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