The following sets forth a reconciliation of net income to basic net income attributable to common shareholders to diluted net income attributable to common shareholders (in thousands, except per share amounts):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Net income, as reported	$	175,323		$	144,307		$	712,276		$	478,937
Participating earnings (a)		(149	)		(161	)		(720	)		(1,081	)
Basic net income attributed to common shareholders		175,174			144,146			711,556			477,856
Reallocation of participating earnings (a)		1			1			4			7
Diluted net income attributed to common shareholders	$	175,175		$	144,147		$	711,560		$	477,863
Net income per common share:
Basic	$	0.75		$	0.61		$	3.04		$	2.00
Diluted	$	0.75		$	0.60		$	3.02		$	1.99

(a)

Restricted Stock Liability Awards (discussed in Note 9) that are held in the deferred compensation plan represent participating securities because they participate in non-forfeitable dividends or distributions with common equity owners. Income allocable to participating securities represents the distributed and undistributed earnings attributable to the participating securities. Participating securities, however, do not participate in undistributed net losses.

The following details weighted average common shares outstanding and diluted weighted average common shares outstanding (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Weighted average common shares outstanding – basic		233,487		237,378		234,419		238,523
Effect of dilutive securities:
Director and employee restricted stock and performance-based equity awards		1,548		1,648		1,539		1,732
Weighted average common shares outstanding – diluted		235,035		239,026		235,958		240,255

Weighted average common shares outstanding – basic for third quarter 2026 excludes 199,000 shares of restricted stock held in our deferred compensation plan compared to 265,000 shares in third quarter 2025 (although all awards are issued and outstanding upon grant). Weighted average common shares outstanding – basic for first nine months 2026 excludes 237,000 shares of restricted stock held in our deferred compensation plan compared to 540,000 shares in first nine months 2025. For the three and nine months ended September 30, 2026, equity grants of 13,000 and 45,000 shares, respectively were outstanding but not included in the computation of diluted net income because the grant prices were greater than the average market price of the common shares and would be anti-dilutive to the computation. There were no anti-dilutive shares for the three or nine months ended September 30, 2025.