Basic net income per common share is calculated by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted net income per common share reflects the pro forma dilution of shares outstanding, assuming outstanding service-based restricted stock awards fully vested, calculated in accordance with the treasury method. Basic and diluted net income per common share calculations are as follows for the periods presented:


	Three Months Ended
	June 30,
	2026		2025
Basic
Net income applicable to common stock	$	87,091	$	1,018
Average common shares outstanding	91,650,415		94,580,927
Net income per common share - basic	$	0.95	$	0.01
Diluted
Net income applicable to common stock	$	87,091	$	1,018
Average common shares outstanding	91,650,415		94,580,927
Effect of dilutive stock-based compensation	569,867		555,233
Average common shares outstanding - diluted	92,220,282		95,136,160
Net income per common share - diluted	$	0.94	$	0.01


	Six Months Ended
	June 30,
	2026		2025
Basic
Net income applicable to common stock	$	175,319	$	42,536
Average common shares outstanding	92,666,370		79,209,073
Net income per common share - basic	$	1.89	$	0.54
Diluted
Net income applicable to common stock	$	175,319	$	42,536
Average common shares outstanding	92,666,370		79,209,073
Effect of dilutive stock-based compensation	552,980		462,702
Average common shares outstanding - diluted	93,219,350		79,671,775
Net income per common share - diluted	$	1.88	$	0.53

Stock-based compensation awards that could potentially dilute basic net income per common share in the future that were not included in the computation of diluted net income per common share due to their anti-dilutive effect were as follows for the periods presented: