NOTE 10. EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share (in millions, except shares in thousands and per share amounts): | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | June 30, | | June 30, | | 2026 | | 2025 | | 2026 | | 2025 | Numerator: | | | | | | | | | | | | Net income – Reliance | $ | 322.9 | | $ | 233.7 | | $ | 587.8 | | $ | 433.4 | | | | | | | | | | | | | Denominator: | | | | | | | | | | | | Weighted average shares outstanding | | 51,050 | | | 52,610 | | | 51,340 | | | 52,841 | Dilutive effect of stock-based awards(1) | | 325 | | | 313 | | | 333 | | | 319 | Weighted average diluted shares outstanding | | 51,375 | | | 52,923 | | | 51,673 | | | 53,160 | | | | | | | | | | | | | Earnings per share: | | | | | | | | | | | | Basic | $ | 6.33 | | $ | 4.44 | | $ | 11.45 | | $ | 8.20 | Diluted | $ | 6.29 | | $ | 4.42 | | $ | 11.38 | | $ | 8.15 |
| (1) | The computations of diluted earnings per share using the treasury stock method for the first six months of 2026 and 2025 do not include 104 and 100 weighted average shares, respectively, in respect of outstanding RSUs and PSUs, because their inclusion would have been anti-dilutive. |
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