| Earnings Per Share |
Earnings Per Share Basic earnings per common share (“EPS”) is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding for the period, without considering any dilutive items. Diluted EPS is calculated using both the two-class and the treasury stock methods with the more dilutive method used to determine diluted EPS. The two-class method was used to determine basic EPS for the three and six months ended June 30, 2026 and 2025 and the treasury stock method was used to determine diluted earnings per share for the three and six months ended June 30, 2026 and 2025.
The following table sets forth the computation of basic and diluted EPS (in thousands, except share data and per share amounts): | | | | | | | | | | | | | | | | | | | | | | | | | Quarter ended June 30, | | Six months ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Numerator for earnings per share - Basic and Diluted: | | | | | | | | | Net income - treasury stock method - Basic and Diluted | $ | 53,546 | | | 33,675 | | | 104,082 | | | 77,133 | | | Less: Dividends and undistributed earnings allocated to participating securities | 2 | | | 19 | | | 3 | | | 44 | | | Net income available to common shareholders - two class method - Basic and Diluted | $ | 53,544 | | | 33,656 | | | 104,079 | | | 77,089 | | | | | | | | | | | Denominator for earnings per share - treasury stock method - Basic and Diluted | | | | | | | | | Weighted average common shares outstanding - Basic | 146,327,502 | | | 127,641,857 | | | 146,216,652 | | | 127,515,768 | | | Add: Potentially dilutive shares | 799,721 | | | 472,652 | | | 773,413 | | | 831,373 | | | Denominator for treasury stock method - Diluted | 147,127,223 | | | 128,114,509 | | | 146,990,065 | | | 128,347,141 | | | | | | | | | | | Denominator for earnings per share - two class method - Basic and Diluted: | | | | | | | | | Weighted average common shares outstanding - Basic | 146,327,502 | | | 127,641,857 | | | 146,216,652 | | | 127,515,768 | | | Add: Average participating shares outstanding | 4,135 | | | 72,790 | | | 4,135 | | | 72,790 | | | Denominator for two class method - Diluted | 146,331,637 | | | 127,714,647 | | | 146,220,787 | | | 127,588,558 | | | | | | | | | | | Basic earnings per share | $ | 0.37 | | | 0.26 | | | 0.71 | | | 0.60 | | | | | | | | | | | Diluted earnings per share | $ | 0.36 | | | 0.26 | | | 0.71 | | | 0.60 | | | | | | | | | | | Anti-dilutive awards (1) | 1,438 | | | 2,051 | | | 1,894 | | | 2,051 | |
(1) Reflects the total number of shares related to outstanding options that have been excluded from the computation of diluted earnings per share because the impact would have been anti-dilutive.
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