| Computation of Basic and Diluted 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):
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Numerator: |
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Net income available to common shareholders |
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$ |
52,493 |
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$ |
51,770 |
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$ |
175,772 |
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$ |
188,113 |
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Denominator: |
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Basic weighted average shares outstanding |
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101,719,534 |
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107,244,573 |
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103,018,450 |
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107,217,689 |
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Effect of dilutive securities: |
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Stock appreciation rights and options |
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20,038 |
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31,206 |
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20,732 |
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31,002 |
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Restricted stock |
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87,789 |
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56,862 |
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63,620 |
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|
55,852 |
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Diluted weighted average shares outstanding |
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101,827,361 |
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107,332,641 |
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103,102,802 |
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107,304,543 |
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Basic earnings per share |
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$ |
0.52 |
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$ |
0.48 |
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$ |
1.71 |
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$ |
1.75 |
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Diluted earnings per share |
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$ |
0.52 |
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$ |
0.48 |
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$ |
1.70 |
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$ |
1.75 |
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| Antidilutive Securities Excluded from Computation of Earnings Per Share |
The computation of diluted earnings per share excludes the following potentially dilutive securities because the effect would be anti-dilutive:
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Stock appreciation rights |
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160,044 |
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145,249 |
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160,044 |
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141,199 |
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Restricted stock |
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47,361 |
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31,053 |
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90,259 |
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72,016 |
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