| Calculation of Basic and Diluted Earnings Per Share |
The calculation of basic and diluted EPS was as follows:
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Three months ended June 30, |
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Six months ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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(In thousands, except per-share amounts) |
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Basic EPS: |
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Numerator: |
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Net income |
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$ |
202,278 |
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$ |
178,344 |
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$ |
392,374 |
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$ |
347,395 |
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Income attributable to unvested participating securities |
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(684 |
) |
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(572 |
) |
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(1,309 |
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(1,158 |
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Net income used in calculating basic EPS |
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$ |
201,594 |
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$ |
177,772 |
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$ |
391,065 |
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$ |
346,237 |
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Denominator: |
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Weighted-average vested shares |
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31,196 |
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32,870 |
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31,437 |
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33,080 |
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Basic EPS |
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$ |
6.46 |
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$ |
5.41 |
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$ |
12.44 |
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$ |
10.47 |
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Diluted EPS: |
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Numerator: |
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Net income |
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$ |
202,278 |
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$ |
178,344 |
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$ |
392,374 |
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$ |
347,395 |
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Income attributable to unvested participating securities |
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(683 |
) |
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(571 |
) |
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(1,308 |
) |
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(1,156 |
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Net income used in calculating diluted EPS |
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$ |
201,595 |
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$ |
177,773 |
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$ |
391,066 |
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$ |
346,239 |
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Denominator: |
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Weighted-average vested shares |
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31,196 |
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32,870 |
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31,437 |
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33,080 |
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Dilutive effect of incremental shares to be issued for
contingently-issuable shares |
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41 |
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41 |
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44 |
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46 |
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Weighted-average shares used in calculating diluted EPS |
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31,237 |
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32,911 |
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31,481 |
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33,126 |
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Diluted EPS |
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$ |
6.45 |
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$ |
5.40 |
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$ |
12.42 |
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$ |
10.45 |
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