| Earnings Per Share |
2.Earnings Per Share The Company’s unvested restricted stock awards have the right to receive nonforfeitable dividends on the same basis as common shares; therefore, unvested restricted stock is considered a participating security in the computation of earnings per share (“EPS”). Accordingly, the Company applies the two-class method in the computation of basic EPS which allocates earnings from holders of common stock to holders of unvested restricted stock awards. Diluted EPS attributable to the Company’s common stock is computed using both the two-class method and the treasury stock method, and the more dilutive of the two computations is presented. The computation of earnings per share for the three and six months ended June 30, 2026 and 2025 are (in thousands, except per share and footnote amounts): | | | | | | | | | | | | | For the Three Months Ended June 30, | | For the Six Months Ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | Basic EPS | | | | | | | | | | | | Numerator | | | | | | | | | | | | Net income | $ | 41,296 | | $ | 47,651 | | $ | 78,929 | | $ | 111,876 | Less: Earnings allocated to participating securities | | 4,113 | | | — | | | 7,955 | | | — | Net income available to common stockholders | | 37,184 | | | 47,651 | | | 70,974 | | | 111,876 | | | | | | | | | | | | | Denominator | | | | | | | | | | | | Weighted average shares outstanding | | 55,515 | | | 2,561 | | | 55,552 | | | 1,288 | Basic EPS | $ | 0.67 | | $ | 18.61 | | $ | 1.28 | | $ | 86.88 | | | | | | | | | | | | | Diluted EPS | | | | | | | | | | | | Numerator | | | | | | | | | | | | Net income available to common stockholders | $ | 37,184 | | $ | 47,651 | | $ | 70,974 | | $ | 111,876 | Reallocation of earnings from participating securities | | — | | | — | | | — | | | — | Net income available to common stockholders for diluted EPS | $ | 37,184 | | $ | 47,651 | | $ | 70,974 | | $ | 111,876 | | | | | | | | | | | | | Denominator | | | | | | | | | | | | Weighted average shares outstanding | | 55,515 | | | 2,561 | | | 55,552 | | | 1,288 | Weighted average effect of dilutive securities: | | | | | | | | | | | | Options(1) | | 4 | | | 282 | | | 2 | | | 142 | Nonvested restricted stock | | — | | | — | | | — | | | — | Number of shares used for diluted EPS computation | | 55,519 | | | 2,843 | | | 55,554 | | | 1,430 | Diluted EPS | $ | 0.67 | | $ | 16.76 | | $ | 1.28 | | $ | 78.26 |
| (1) | Options outstanding of 846,031 at June 30, 2026 were determined to be antidilutive and excluded from the dilutive EPS computation. |
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