11. Earnings Per Share and Shareholders’ Equity Transactions

Diluted earnings per share for both the three and six months ended June 30, 2026, and both the three and six months ended June 30, 2025, excludes 0.1 million shares of common stock issuable under the Company’s stock compensation plans, because their effect would be antidilutive.

On May 13, 2026, the Board of Directors authorized a new stock repurchase program, which provides for aggregate repurchases of the Company’s common stock of up to $700 million, and terminated the existing program. Under the repurchase authorization, the Company may repurchase, from time to time, common stock in amounts, at prices and at such times as the Company deems appropriate, subject to market conditions and other considerations. Repurchases may be executed using open market purchases, privately negotiated transactions, accelerated repurchase programs or other transactions. The Company is not required to purchase any specific number of shares or to make purchases by any certain date under this program. During the first six months of 2026, the Company repurchased approximately 794,000 shares of which approximately 168,000 shares were under the new program and approximately 626,000 were under the prior program. Share repurchases through open market purchases totaled $142.9 million. Included in the cost of treasury stock acquired pursuant to common share repurchases is the 1% excise tax imposed on common share repurchase activity, net of common share issuances. The Company had approximately $667 million available for additional repurchases at June 30, 2026.