Basic EPS is computed by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding during the period. The Company applies the two-class method in calculating basic EPS because certain unvested restricted stock awards are considered participating securities, as the holders have non-forfeitable dividend rights. Under this method, earnings are allocated between common shareholders and participating securities based on their respective rights to receive dividends and undistributed earnings.

Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted. Potentially dilutive securities are excluded from diluted EPS when their effect would be anti-dilutive. For the periods presented, weighted-average diluted shares outstanding were the same as weighted-average basic shares outstanding.

The calculation of basic and diluted earnings per share for the periods presented is as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands, except per share amounts)	2026			2025			2026			2025
Numerator:
Net income	$	23,269		$	21,663		$	43,675		$	39,614
Less: Income attributable to participating securities		(651	)		(1,038	)		(1,219	)		(1,912	)
Income attributable to common shareholders	$	22,618		$	20,625		$	42,456		$	37,702
Denominator:
Weighted-average basic shares outstanding		88,228			78,741			88,306			78,741
Weighted-average diluted shares outstanding (1)		88,228			78,741			88,306			78,741
Basic and diluted earnings per share	$	0.26		$	0.26		$	0.48		$	0.48

(1)

For the periods presented, all potentially dilutive securities were excluded from the diluted earnings per share computation because their (i) effect would be anti-dilutive, (ii) exercise prices were "out-of-the-money," or (iii) contingent exercise conditions were unsatisfied.