v3.26.1
Earnings Per Share
6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The Company’s unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are deemed participating securities, and therefore dividends and net income allocated to such awards have been deducted from earnings in computing basic and diluted net income per share under the two-class method. Diluted net income per share attributable to Class A Common Stock is calculated under both the two-class method and the treasury stock method and the more dilutive of the two calculations is presented.

The components of basic and diluted net income per share attributable to Class A Common Stock are as follows:
Three Months EndedSix Months Ended
(In thousands, except per share data)June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Basic:
Net income attributable to Class A Common Stock$181,776 $78,117 $281,601 $181,044 
Less: Dividends and net income allocated to participating securities2,442 999 4,069 2,601 
Net income, net of participating securities$179,334 $77,118 $277,532 $178,443 
Weighted average number of common shares outstanding during the period - basic184,574 186,518 183,924 187,579 
Net income per share of Class A Common Stock - basic
$0.97 $0.41 $1.51 $0.95 
Diluted:
Net income attributable to Class A Common Stock$181,776 $78,117 $281,601 $181,044 
Less: Dividends and net income allocated to participating securities2,442 999 4,069 2,601 
Net income, net of participating securities$179,334 $77,118 $277,532 $178,443 
Weighted average number of common shares outstanding during the period - basic184,574 186,518 183,924 187,579 
Add: Dilutive effect of stock based compensation and other12 12 12 12 
Weighted average number of common shares outstanding during the period - diluted184,586 186,530 183,936 187,591 
Net income per share of Class A Common Stock - diluted
$0.97 $0.41 $1.51 $0.95 
For the six months ended June 30, 2026, the Company excluded 1.3 million of weighted average shares of Class A Common Stock issuable upon the exchange of Class B Common Stock (and corresponding Magnolia LLC Units) as the effect was anti-dilutive. For both the three and six months ended June 30, 2025, the Company excluded 5.5 million of weighted average shares of Class A Common Stock issuable upon the exchange of Class B Common Stock (and corresponding Magnolia LLC Units) as the effect was anti-dilutive.