| Earnings per Share |
18. Earnings per Share
The following table sets forth a reconciliation of the information used in computing basic and diluted earnings per share: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Earnings from continuing operations | $ | 336,820 | | | $ | 303,292 | | | $ | 888,114 | | | $ | 822,663 | | Loss from discontinued operations, net | (3,489) | | | (1,296) | | | (4,104) | | | (10,782) | | | Net earnings | $ | 333,331 | | | $ | 301,996 | | | $ | 884,010 | | | $ | 811,881 | | | Basic earnings per common share: | | | | | | | | | Earnings from continuing operations | $ | 2.51 | | | $ | 2.21 | | | $ | 6.60 | | | $ | 5.99 | | Loss from discontinued operations, net | $ | (0.03) | | | $ | (0.01) | | | $ | (0.03) | | | $ | (0.08) | | | Net earnings | $ | 2.48 | | | $ | 2.20 | | | $ | 6.57 | | | $ | 5.92 | | | | | | | | | | | Weighted average shares outstanding | 134,200,000 | | | 137,236,000 | | | 134,644,000 | | | 137,254,000 | | | Diluted earnings per common share: | | | | | | | | | Earnings from continuing operations | $ | 2.50 | | | $ | 2.20 | | | $ | 6.56 | | | $ | 5.96 | | Loss from discontinued operations, net | $ | (0.03) | | | $ | (0.01) | | | $ | (0.03) | | | $ | (0.08) | | | Net earnings | $ | 2.47 | | | $ | 2.19 | | | $ | 6.53 | | | $ | 5.88 | | | | | | | | | | | Weighted average shares outstanding | 134,878,000 | | | 138,029,000 | | | 135,440,000 | | | 138,099,000 | |
The following table is a reconciliation of the share amounts used in computing earnings per share: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Weighted average shares outstanding - basic | 134,200,000 | | | 137,236,000 | | | 134,644,000 | | | 137,254,000 | | | Dilutive effect of assumed exercise of SARs and vesting of performance shares and RSUs | 678,000 | | | 793,000 | | | 796,000 | | | 845,000 | | | Weighted average shares outstanding - diluted | 134,878,000 | | | 138,029,000 | | | 135,440,000 | | | 138,099,000 | |
Diluted earnings per share amounts are computed using the weighted average number of common shares outstanding and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable upon the exercise of SARs and vesting of performance shares and RSUs, as determined using the treasury stock method.
The number of anti-dilutive potential common shares excluded from the calculation above were approximately 36,000 and 17,000 for the three months ended September 30, 2026 and 2025, respectively and 47,000 and 40,000 for the nine months ended September 30, 2026 and 2025, respectively.
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