The Company’s shares of restricted stock contain rights to receive nonforfeitable dividends and thus are participating securities that require the computation of basic earnings per share using the two-class method. The shares of restricted stock are both potential shares of common stock and participating securities so the Company calculates diluted earnings per share by using the more dilutive of the treasury stock method or the two-class method. The calculation of earnings per share for the net income available to common shareholders excludes the distribution of dividends and the undistributed earnings attributable to the participating securities from the numerator. The diluted earnings per share includes stock options, PVRSUs, and RSUs in the calculation of the weighted average shares of common stock outstanding.

The computation of basic and diluted earnings per share was as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in thousands, except per share amounts)	2026		2025		2026		2025
Numerator:
Net income	$	64,338	$	81,734	$	84,642	$	126,268
Income allocated to participating securities	(255)		(392)		(334)		(615)
Net income available to common shareholders	$	64,083	$	81,342	$	84,308	$	125,653
Denominator:
Weighted average shares of common stock outstanding – basic	45,192		46,141		45,454		46,316
Basic earnings per share	$	1.42	$	1.76	$	1.85	$	2.71

Numerator:
Net income	$	64,338	$	81,734	$	84,642	$	126,268
Income allocated to participating securities	(255)		(392)		(334)		(615)
Net income available to common shareholders	$	64,083	$	81,342	$	84,308	$	125,653
Denominator:
Weighted average shares of common stock outstanding – basic	45,192		46,141		45,454		46,316
Dilutive effect of stock options, PVRSUs, and RSUs	201		447		258		538
Weighted average shares of common stock outstanding – diluted	45,393		46,588		45,712		46,854
Diluted earnings per share	$	1.41	$	1.75	$	1.84	$	2.68