Basic earnings per share is calculated by dividing net income by the weighted-average shares of common stock outstanding during each period, excluding non-vested restricted shares. Our diluted earnings per share is based on the weighted-average shares of common stock outstanding during each period plus the maximum dilutive effect of common stock issuable upon exercise of stock options or vesting of restricted stock units. Stock options and unvested restricted stock units are considered common stock equivalents and are only included in the calculation of diluted earnings per common share when their effect is dilutive.

The following table sets forth the computation of basic and diluted earnings per common share for the three and nine months ended September 30, 2026 and 2025:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(Dollars and shares in thousands, except for per share amounts)	2026		2025		2026		2025
Basic earnings per common share:
Net income	$	223,798	$	246,641	$	679,640	$	550,945
Weighted-average basic common shares		96,923		101,218		97,583		101,374
Basic earnings per common share	$	2.31	$	2.44	$	6.96	$	5.43
Diluted earnings per common share:
Net income	$	223,798	$	246,641	$	679,640	$	550,945
Weighted-average basic common shares		96,923		101,218		97,583		101,374
Effect of dilutive securities		506		517		419		433
Weighted-average dilutive shares		97,429		101,735		98,002		101,807
Diluted earnings per common share	$	2.30	$	2.42	$	6.93	$	5.41