| Earnings Per Common Share |
Note 2 Earnings Per Common Share The computation of basic and diluted earnings per common share is presented below for the periods indicated (in thousands, except share and per share data): | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | c | 2026 | | 2025 | | 2026 | | 2025 | | | | Basic earnings per common share: | | | | | | | | | | | Numerator: | | | | | | | | | | Net income | $ | 70,663 | | | $ | 68,766 | | | $ | 132,538 | | | $ | 127,242 | | | | Distributed and undistributed earnings allocated to participating securities | (1,094) | | | (979) | | | (2,000) | | | (1,799) | | | | | Income allocated to common stockholders for basic earnings per common share | $ | 69,569 | | | $ | 67,787 | | | $ | 130,538 | | | $ | 125,443 | | | | | Denominator: | | | | | | | | | | | Weighted average common shares outstanding | 72,630,405 | | | 75,222,756 | | | 73,569,419 | | | 75,071,593 | | | | | Less average unvested stock awards | (1,180,777) | | | (1,124,872) | | | (1,159,749) | | | (1,113,205) | | | | | Weighted average shares for basic earnings per common share | 71,449,628 | | | 74,097,884 | | | 72,409,670 | | | 73,958,388 | | | | | Basic earnings per common share | $ | 0.97 | | | $ | 0.91 | | | $ | 1.80 | | | $ | 1.70 | | | | | Diluted earnings per common share: | | | | | | | | | | | Numerator: | | | | | | | | | | | Income allocated to common stockholders for basic earnings per common share | $ | 69,569 | | | $ | 67,787 | | | $ | 130,538 | | | $ | 125,443 | | | | Adjustment for earnings reallocated from participating securities | 4 | | | 5 | | | 8 | | | 9 | | | | | Income used in calculating diluted earnings per common share | $ | 69,573 | | | $ | 67,792 | | | $ | 130,546 | | | $ | 125,452 | | | | | Denominator: | | | | | | | | | | | Weighted average shares for basic earnings per common share | 71,449,628 | | | 74,097,884 | | | 72,409,670 | | | 73,958,388 | | | | | Dilutive effect of certain share-based awards | 342,179 | | | 523,812 | | | 426,460 | | | 543,043 | | | | Weighted average shares for diluted earnings per common share | 71,791,807 | | | 74,621,696 | | | 72,836,130 | | | 74,501,431 | | | | | Diluted earnings per common share | $ | 0.97 | | | $ | 0.91 | | | $ | 1.79 | | | $ | 1.68 | | | |
Unvested shares of 390,103 and 193,639 for the three months ended June 30, 2026 and 2025, respectively, and unvested shares of 429,986 and 286,904 for the six months ended June 30, 2026 and 2025, respectively, were excluded from the calculation of diluted earnings per common share because their inclusion would have been anti-dilutive.
|