The following sets forth a reconciliation of net income to basic net income attributable to common shareholders to diluted net income attributable to common shareholders (in thousands, except per share amounts):


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Net income, as reported	$	195,323		$	237,578		$	536,953		$	334,630
Participating earnings (a)		(205	)		(614	)		(586	)		(948	)
Basic net income attributed to common shareholders		195,118			236,964			536,367			333,682
Reallocation of participating earnings (a)		1			4			3			6
Diluted net income attributed to common shareholders	$	195,119		$	236,968		$	536,370		$	333,688
Net income per common share:
Basic	$	0.83		$	0.99		$	2.28		$	1.40
Diluted	$	0.83		$	0.99		$	2.27		$	1.39

(a)

Restricted Stock Liability Awards (discussed in Note 9) that are held in the deferred compensation plan represent participating securities because they participate in non-forfeitable dividends or distributions with common equity owners. Income allocable to participating securities represents the distributed and undistributed earnings attributable to the participating securities. Participating securities, however, do not participate in undistributed net losses.

The following details weighted average common shares outstanding and diluted weighted average common shares outstanding (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Weighted average common shares outstanding – basic		234,739		238,187		234,893		239,106
Effect of dilutive securities:
Director and employee restricted stock and performance-based equity awards		1,471		1,530		1,455		1,666
Weighted average common shares outstanding – diluted		236,210		239,717		236,348		240,772

Weighted average common shares outstanding – basic for second quarter 2026 excludes 247,000 shares of restricted stock held in our deferred compensation plan compared to 617,000 shares in second quarter 2025 (although all awards are issued and outstanding upon grant). Weighted average common shares outstanding – basic for first six months 2026 excludes 257,000 shares of restricted stock held in our deferred compensation plan compared to 679,000 shares in first six months 2025. For the three months ended June 30, 2025, equity grants of 2,000 shares were outstanding but not included in the computation of diluted net income because the grant prices were greater than the average market price of the common shares and would be anti-dilutive to the computation. For the six months ended June 30, 2025, equity grants of 1,000 shares were outstanding but not included in the computation of diluted net income because the grant prices were greater than the average market price of the common shares and would be anti-dilutive to the computation. There were no anti-dilutive shares for the three or six months ended June 30, 2026.