| Schedule of Earnings Per Share, Basic and Diluted |
The following tables summarize the calculation of earnings per share under the two-class method: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Quarter Ended June 30, | | 2026 | | 2025 | | (dollars in thousands, except per share amounts) | Class A common stock | | Class B common stock | | Consolidated | | Class A common stock | | Class B common stock | | Consolidated | | | | | | | | | | | | | | Net income | | | | | $ | 57,701 | | | | | | | $ | 42,485 | | | Basic: | | | | | | | | | | | | | Numerator | | | | | | | | | | | | | Allocation of distributed earnings (cash dividends declared) | $ | 154,205 | | | $ | 7,801 | | | $ | 162,006 | | | $ | — | | | $ | — | | | $ | — | | | Allocation of undistributed earnings (losses) | (99,301) | | | (5,004) | | | (104,305) | | | 40,252 | | | 2,233 | | | 42,485 | | | Allocation of distributed and undistributed earnings | $ | 54,904 | | | $ | 2,797 | | | $ | 57,701 | | | $ | 40,252 | | | $ | 2,233 | | | $ | 42,485 | | | | | | | | | | | | | | | Denominator | | | | | | | | | | | | | Basic weighted average common shares outstanding | 221,148,246 | | | 1,114,448 | | | 222,262,694 | | | 200,893,223 | | | 1,114,448 | | | 202,007,671 | | Basic earnings per share (1) | $ | 0.25 | | | $ | 2.51 | | | $ | 0.26 | | | $ | 0.20 | | | $ | 2.00 | | | $ | 0.21 | | | | | | | | | | | | | | | Diluted: | | | | | | | | | | | | | Numerator | | | | | | | | | | | | | Allocation of distributed and undistributed earnings | $ | 54,904 | | | $ | 2,797 | | | $ | 57,701 | | | $ | 40,252 | | | $ | 2,233 | | | $ | 42,485 | | | | | | | | | | | | | | | Denominator | | | | | | | | | | | | | Basic weighted average common shares outstanding | 221,148,246 | | | 1,114,448 | | | 222,262,694 | | | 200,893,223 | | | 1,114,448 | | | 202,007,671 | | Dilutive effect of unvested RSUs or PSUs (2) | 190,098 | | | — | | | 190,098 | | | 59,420 | | | — | | | 59,420 | | | Diluted weighted average common shares outstanding | 221,338,344 | | | 1,114,448 | | | 222,452,792 | | | 200,952,643 | | | 1,114,448 | | | 202,067,091 | | Diluted earnings per share (1) | $ | 0.25 | | | $ | 2.51 | | | $ | 0.26 | | | $ | 0.20 | | | $ | 2.00 | | | $ | 0.21 | |
(1)Periods prior to September 2, 2025 have been restated as a result of the adjustment to common shares outstanding based on the exchange ratio from the Merger of 3,301.0920 for Class A common stock and 330.1092 for Class B common stock. (2)No RSUs or PSUs were antidilutive for the quarters ended June 30, 2026 and 2025. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, | | 2026 | | 2025 | | (dollars in thousands, except per share amounts) | Class A common stock | | Class B common stock | | Consolidated | | Class A common stock | | Class B common stock | | Consolidated | | | | | | | | | | | | | | Net income | | | | | $ | 101,791 | | | | | | | $ | 86,276 | | | Basic: | | | | | | | | | | | | | Numerator | | | | | | | | | | | | | Allocation of distributed earnings (cash dividends declared) | $ | 242,315 | | | $ | 12,259 | | | $ | 254,574 | | | $ | — | | | $ | — | | | $ | — | | | Allocation of undistributed earnings (losses) | (145,452) | | | (7,331) | | | (152,783) | | | 81,741 | | | 4,535 | | | 86,276 | | | Allocation of distributed and undistributed earnings | $ | 96,863 | | | $ | 4,928 | | | $ | 101,791 | | | $ | 81,741 | | | $ | 4,535 | | | $ | 86,276 | | | | | | | | | | | | | | | Denominator | | | | | | | | | | | | | Basic weighted average common shares outstanding | 221,098,302 | | | 1,114,448 | | | 222,212,750 | | | 200,889,074 | | | 1,114,448 | | | 202,003,522 | | Basic earnings per share (1) | $ | 0.44 | | | $ | 4.42 | | | $ | 0.46 | | | $ | 0.41 | | | $ | 4.07 | | | $ | 0.43 | | | | | | | | | | | | | | | Diluted: | | | | | | | | | | | | | Numerator | | | | | | | | | | | | | Allocation of distributed and undistributed earnings | $ | 96,863 | | | $ | 4,928 | | | $ | 101,791 | | | $ | 81,741 | | | $ | 4,535 | | | $ | 86,276 | | | | | | | | | | | | | | | Denominator | | | | | | | | | | | | | Basic weighted average common shares outstanding | 221,098,302 | | | 1,114,448 | | | 222,212,750 | | | 200,889,074 | | | 1,114,448 | | | 202,003,522 | | Dilutive effect of unvested RSUs or PSUs (2) | 172,794 | | | — | | | 172,794 | | | 59,420 | | | — | | | 59,420 | | | Diluted weighted average common shares outstanding | 221,271,096 | | | 1,114,448 | | | 222,385,544 | | | 200,948,494 | | | 1,114,448 | | | 202,062,942 | | Diluted earnings per share (1) | $ | 0.44 | | | $ | 4.42 | | | $ | 0.46 | | | $ | 0.41 | | | $ | 4.07 | | | $ | 0.43 | |
(1)Periods prior to September 2, 2025 have been restated as a result of the adjustment to common shares outstanding based on the exchange ratio from the Merger of 3,301.0920 for Class A common stock and 330.1092 for Class B common stock. (2)No RSUs or PSUs were antidilutive for the six months ended June 30, 2026 and 2025.
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