Net Income Per Common Share (Tables)

6 Months Ended

Jun. 30, 2026

Computations of Basic and Diluted Income (Loss) Per Common Share

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.

Basic Weighted Average Common Shares Outstanding and Diluted Weighted Average Common Shares Outstanding

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