| Summary of Numerator and Denominator of Basic and Diluted Earnings Per Common Share |
The computations of basic and diluted earnings per share for the periods presented were as follows:
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Three Months Ended |
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Three Months Ended |
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June 30, 2026 |
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June 30, 2025 |
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Income |
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Shares (a) |
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Per Share |
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Income |
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Shares (a) |
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Per Share |
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(Numerator) |
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(Denominator) |
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Amount |
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(Numerator) |
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(Denominator) |
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Amount |
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Net income |
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$ |
82,900 |
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$ |
70,279 |
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Less: Net income attributable to
noncontrolling interests |
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(9,103 |
) |
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(4,119 |
) |
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Net income after noncontrolling
interests |
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73,797 |
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66,160 |
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Less: Income attributable to
participating securities |
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(2,925 |
) |
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(2,616 |
) |
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Basic Earnings Per Share: |
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Income attributable to common
stockholders |
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70,872 |
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|
12,269 |
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$ |
5.78 |
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|
63,544 |
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|
11,400 |
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$ |
5.57 |
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Effect of Dilutive Securities: |
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Stock options |
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— |
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|
382 |
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— |
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|
392 |
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Convertible senior notes |
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— |
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— |
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3,170 |
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|
1,084 |
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Warrants |
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— |
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7 |
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— |
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7 |
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Net impact from reallocation of
undistributed earnings to
participating securities |
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65 |
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— |
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— |
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— |
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Diluted Earnings Per Share: |
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Income attributable to common
stockholders |
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$ |
70,937 |
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|
12,658 |
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$ |
5.60 |
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$ |
66,714 |
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|
12,883 |
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$ |
5.18 |
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Six Months Ended |
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Six Months Ended |
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June 30, 2026 |
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June 30, 2025 |
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Income |
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Shares (a) |
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Per Share |
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Income |
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Shares (a) |
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Per Share |
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(Numerator) |
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(Denominator) |
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Amount |
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(Numerator) |
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(Denominator) |
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Amount |
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Net income |
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$ |
167,943 |
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$ |
144,509 |
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Less: Net income attributable
to noncontrolling interests |
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(20,739 |
) |
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(8,665 |
) |
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Net income after noncontrolling
interests |
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147,204 |
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135,844 |
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Less: Income attributable to
participating securities |
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(6,186 |
) |
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(5,691 |
) |
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Basic Earnings Per Share: |
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Income attributable to common
stockholders |
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141,018 |
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|
12,379 |
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$ |
11.39 |
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|
130,153 |
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|
10,846 |
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$ |
12.00 |
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Effect of Dilutive Securities: |
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Stock options |
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— |
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|
390 |
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— |
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|
373 |
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Convertible senior notes |
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— |
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— |
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|
5,500 |
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|
1,611 |
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Warrants |
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— |
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7 |
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— |
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7 |
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Net impact from reallocation of
undistributed earnings to
participating securities |
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143 |
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— |
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— |
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— |
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Diluted Earnings Per Share: |
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Income attributable to common
stockholders |
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$ |
141,161 |
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|
12,776 |
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$ |
11.05 |
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$ |
135,653 |
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|
12,837 |
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$ |
10.57 |
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