v3.26.3
Stockholders' Equity
 9 Months Ended
Sep. 30, 2026
Equity [Abstract]  
Stockholders' Equity
12.
STOCKHOLDERS’ EQUITY

Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except share and per share data):

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common shareholders

 

$

52,493

 

 

$

51,770

 

 

$

175,772

 

 

$

188,113

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

 

101,719,534

 

 

 

107,244,573

 

 

 

103,018,450

 

 

 

107,217,689

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

Stock appreciation rights and options

 

 

20,038

 

 

 

31,206

 

 

 

20,732

 

 

 

31,002

 

Restricted stock

 

 

87,789

 

 

 

56,862

 

 

 

63,620

 

 

 

55,852

 

Diluted weighted average shares outstanding

 

 

101,827,361

 

 

 

107,332,641

 

 

 

103,102,802

 

 

 

107,304,543

 

Basic earnings per share

 

$

0.52

 

 

$

0.48

 

 

$

1.71

 

 

$

1.75

 

Diluted earnings per share

 

$

0.52

 

 

$

0.48

 

 

$

1.70

 

 

$

1.75

 

 

Diluted earnings per share is computed using the weighted average number of shares determined for the basic earnings per share computation plus the dilutive effect of common stock equivalents using the treasury stock method. The computation of diluted earnings per share excludes the following potentially dilutive securities because the effect would be anti-dilutive:

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Stock appreciation rights

 

 

160,044

 

 

 

145,249

 

 

 

160,044

 

 

 

141,199

 

Restricted stock

 

 

47,361

 

 

 

31,053

 

 

 

90,259

 

 

 

72,016

 

 

Stock Repurchase Program

On May 4, 2023, the Board of Directors authorized the repurchase of up to 10.8 million shares of the Company's common stock under the 2023 Stock Repurchase Program, which has no expiration date. On April 28, 2026, the Board of Directors authorized an additional 10 million shares for repurchase under the 2023 Stock Repurchase Program, increasing the number of shares available for future repurchases under the program.

During the nine months ended September 30, 2026, the Company repurchased 5.2 million shares of common stock under the 2023 Stock Repurchase Program. Of these 5.2 million shares, 2.6 million shares were repurchased during the first two quarters of the year as part of a $100 million accelerated share repurchase agreement that was entered into on February 26, 2026. As of September 30, 2026, 12.2 million shares remained available for repurchase under the 2023 Stock Repurchase Program.