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