Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2026

Summary of Basic and Diluted Earnings Per Share

The following table presents the computation of basic and diluted EPS for the three and six months ended June 30, 2026 and 2025:


	Three months ended				Six months ended
	June 30,				June 30,
	2026		2025		2026		2025
(Dollars in thousands, except share amounts)
Numerator:
Net income	$	125,881	$	112,760	$	248,765	$	152,566
Adjustment for expenses from pre-spin periods		—		—		—		24,960
Numerator for basic and diluted earnings per share	$	125,881	$	112,760	$	248,765	$	177,526
Denominator:
Weighted average common shares outstanding - basic (1)		166,046,951		166,003,497		166,025,344		166,003,497
Basic earnings per share	$	0.76	$	0.68	$	1.50	$	1.07
Weighted average common shares outstanding - diluted (2)		166,060,914		166,031,175		166,049,937		166,020,988
Diluted earnings per share	$	0.76	$	0.68	$	1.50	$	1.07

(1)

Basic weighted average common shares outstanding for the three and six months ended June 30, 2026 represent the common shares issued at the Spin-Off and the common shares issued in connection with the vesting of RSUs under the 2024 Incentive Plan.

(2)

Diluted weighted shares outstanding for the three and six months ended June 30, 2026 include the incremental dilutive effect of unvested RSUs, calculated using the treasury stock method in accordance with ASC 260. Unvested RSUs outstanding resulted in an aggregate increase of 13,963 shares and 24,593 shares for the three and six months ended June 30, 2026, respectively.