Earnings Per Share

9 Months Ended

Sep. 30, 2026

4. Earnings per Share

Earnings per share (“EPS”) are computed using the weighted average number of shares of capital stock outstanding. Earnings and diluted earnings per share are computed as follows (in thousands, except per share data):



			Net Income
For the Three Months Ended September 30,		Income		Shares	Earnings per Share
2026
	Earnings	$	71,648	13,058	$	5.49
	Dilutive stock options		-	38
	Nonvested stock awards		-	39
	Diluted earnings	$	71,648	13,135	$	5.45

2025
	Earnings	$	64,237	14,394	$	4.46
	Dilutive stock options		-	2
	Nonvested stock awards		-	13
	Diluted earnings	$	64,237	14,409	$	4.46


			Net Income
For the Nine Months Ended September 30,		Income		Shares	Earnings per Share
2026
	Earnings	$	205,653	13,300	$	15.46
	Dilutive stock options		-	2
	Nonvested stock awards		-	27
	Diluted earnings	$	205,653	13,329	$	15.43

2025
	Earnings	$	188,487	14,535	$	12.97
	Dilutive stock options		-	55
	Nonvested stock awards		-	30
	Diluted earnings	$	188,487	14,620	$	12.89

For the three and nine months ended September 30, 2026, there were 513,000 and 1.1 million, respectively, stock options excluded from the computation of dilutive earnings per share because they would have been anti-dilutive.

For the three and nine months ended September 30, 2025, there were 892,000 and 592,000, respectively, stock options excluded from the computation of dilutive earnings per share because they would have been anti-dilutive.