Earnings per share ("EPS") is calculated under the two-class method. Under the two-class method, all earnings (distributed and undistributed) are allocated to common stock and participating securities. The Company grants restricted stock awards to certain employees under its share-based compensation program, which entitle recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to the dividends paid to holders of common stock. These unvested restricted stock awards meet the definition of participating securities based on their respective rights to receive nonforfeitable dividends.

Diluted EPS incorporates the potential impact of contingently issuable shares. Diluted EPS is calculated under both the two-class and treasury stock methods, and the more dilutive amount is reported. Performance stock units ("PSUs") and unvested restricted stock awards are contingently issuable common shares and are included in diluted EPS if the effect is dilutive.

The following table presents the calculation of basic and diluted EPS (in thousands, except per share amounts):


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Basic earnings per share
Net income attributable to the Company	$	46,444		$	2,759		$	92,931		$	11,548
Less: Earnings allocable to unvested restricted stock		(1,086	)		(192	)		(2,170	)		(769	)
Net income attributable to common shareholders		45,358			2,567			90,761			10,779
Weighted-average basic shares outstanding		30,221			30,456			30,203			30,438
Net income per share attributable to common shareholders	$	1.50		$	0.08		$	3.01		$	0.35

Diluted earnings per share (1)
Net income attributable to common shareholders	$	45,358		$	2,567		$	90,761		$	10,779
Dilutive impact of unvested restricted stock		—			—			28			—
Net income attributable to common shareholders, net of dilutive impact		45,358			2,567			90,789			10,779
Weighted-average diluted shares outstanding		30,936			30,742			30,808			30,726
Net income per share attributable to common shareholders	$	1.47		$	0.08		$	2.95		$	0.35

(1)

For the three months ended June 30, 2026, the computation of diluted EPS includes contingently issuable shares related to PSUs that are calculated under the treasury stock method. For the three months ended June 30, 2026, the computation of diluted EPS does not include contingently issuable shares related to unvested restricted stock awards due to their anti-dilutive nature. For the three months ended June 30, 2026, had the anti-dilutive