Note 14 Earnings Per Share

​

The Company calculates earnings per share under the two-class method, as certain non-vested share awards contain non-forfeitable rights to dividends. As such, these awards are considered securities that participate in the earnings of the Company. Non-vested shares are discussed further in note 13.

​

The Company had 44,537,718 and 38,045,622 shares of common stock outstanding as of June 30, 2026 and 2025, respectively, excluding issued but unvested restricted shares. Certain stock options and non-vested restricted shares are potentially dilutive securities, but are not included in the calculation of diluted earnings per share because to do so would have been anti-dilutive for the three and six months ended June 30, 2026 and 2025.

​

The following table illustrates the computation of basic and diluted earnings per share for the three and six months ended June 30, 2026 and 2025:

​

​

The Company had 509,376 and 555,656 outstanding stock options to purchase common stock at weighted average exercise prices of $33.19 and $32.95 per share at June 30, 2026 and 2025, respectively, which have time-vesting criteria, and as such, any dilution is derived only for the timeframe in which the vesting criteria had been met and where the inclusion of those stock options is dilutive. The Company had 439,014 and 219,190 unvested PSUs issued as of June 30, 2026 and 2025, respectively, which have performance, market and/or time-vesting criteria, and as such, any dilution is derived only for the timeframe in which the vesting criteria had been met and where the inclusion of those units is dilutive. The Company had 79,498 and zero unvested restricted shares issued as of June 30, 2026 and 2025, respectively, which do not have dividend rights, and as such, any dilution is derived only for the timeframe in which the vesting criteria had been met and where the inclusion of those units is dilutive.