The following table sets forth the reconciliation of basic earnings per share and diluted earnings per share from net income for the three and six months ended June 30, 2026 and 2025:


	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands except per share amounts)	2026			2025			2026			2025
Numerator for earnings per common share:
Net income	$	139,404		$	58,734		$	251,544		$	120,709
Preferred stock dividends		(10,018	)		(9,673	)		(19,788	)		(9,673	)
Net income attributable to preferred stockholders		(23,969	)		(2,985	)		(40,743	)		(5,334	)
Income attributable to common stockholders for basic earnings per share(1)	$	105,417		$	46,076		$	191,013		$	105,702
Allocation adjustment to income attributable to preferred stockholders(2)		183			26			343			62
Income attributable to common stockholders for diluted earnings per share	$	105,600		$	46,102		$	191,356		$	105,764
Denominator for earnings per common share:
Basic: weighted average number of shares outstanding		62,151			67,239			62,889			65,484
Plus: Incremental shares from assumed conversion of dilutive instruments		631			741			704			874
Diluted: Weighted average number of shares outstanding		62,782			67,980			63,593			66,358
Earnings per share
Basic:	$	1.70		$	0.69		$	3.04		$	1.61
Diluted:	$	1.68		$	0.68		$	3.01		$	1.59

(1)

Under the two-class method, total dividends provided to and undistributed earnings allocated to the preferred stockholders are subtracted from net income in determining income attributable to common stockholders.

(2)

This amount reflects the impact of reversing undistributed earnings allocated to preferred stockholders in the basic earnings per share calculation and reallocating undistributed earnings to preferred stockholders and common stockholders including the impact of dilutive instruments.

Outstanding instruments excluded from the computation of weighted average shares for diluted earnings per share because the effect would be anti-dilutive were de minimis for the periods ended June 30, 2026 and 2025. Holders of non-vested share-based compensation awards do not have rights to receive nonforfeitable dividends on the shares covered by the awards.