Basic earnings per share is computed using net income attributable to common shareholders and the weighted average number of common shares outstanding. Diluted earnings per share reflects common shares issuable from the assumed conversion of common share options and unvested share awards as well as units convertible into common shares. Only those items having a dilutive impact on our basic earnings per share are included in diluted earnings per share. Our unvested restricted share-based awards are considered participating securities and are reflected in the calculation of basic and diluted earnings per share using the two-class method. The impact of performance share awards, if any, and other units convertible into common shares is included in diluted earnings per share using the treasury stock method, and the impact of common shares under a forward sale agreement, if any, is included using the if-converted method until settlement.

The number of common share equivalent securities excluded from the diluted earnings per share calculation was approximately 1.9 million and 1.1 million for the three months ended June 30, 2026 and 2025, respectively, and 1.8 million for each of the six months ended June 30, 2026 and 2025. These securities, which include share awards granted and units convertible into common shares are anti-dilutive and were therefore excluded from the diluted earnings per share calculations. The following table presents information necessary to calculate basic and diluted earnings per share for the periods indicated:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share amounts)	2026		2025		2026		2025
Earnings per common share calculation – basic
Net income attributable to common shareholders	$	18,790	$	80,670	$	61,239	$	119,492
Amount allocated to participating securities	(41)		(173)		(136)		(266)


Net income attributable to common shareholders – basic	$	18,749	$	80,497	$	61,103	$	119,226



Total earnings per common share – basic	$	0.18	$	0.74	$	0.59	$	1.10

Weighted average number of common shares outstanding – basic	102,342		108,636		103,577		108,584


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share amounts)	2026		2025		2026		2025
Earnings per common share calculation – diluted
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities	$	18,749	$	80,497	$	61,103	$	119,226
Income allocated to common units from continuing operations	—		537		—		—


Net income attributable to common shareholders – diluted	$	18,749	$	81,034	$	61,103	$	119,226



Total earnings per common share – diluted	$	0.18	$	0.74	$	0.59	$	1.10

Weighted average number of common shares outstanding – basic	102,342		108,636		103,577		108,584

Incremental shares issuable from assumed conversion of awards granted	21		39		47		52
Common units	—		725		—		—

Weighted average number of common shares outstanding – diluted	102,363		109,400		103,624		108,636