| Summary of Numerator and Denominator of Basic and Diluted Earnings Per Common Share |
The computations of basic and diluted earnings per share for the periods presented were as follows:
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Three Months Ended |
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Three Months Ended |
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September 30, 2026 |
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September 30, 2025 |
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Income |
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Shares (a) |
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Per Share |
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Income |
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Shares (a) |
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Per Share |
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(Numerator) |
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(Denominator) |
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Amount |
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(Numerator) |
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(Denominator) |
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Amount |
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Net income |
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$ |
86,227 |
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$ |
67,888 |
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Less: Net income attributable to
noncontrolling interests |
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(2,728 |
) |
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(2,381 |
) |
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Net income after noncontrolling
interests |
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83,499 |
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65,507 |
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Less: Income attributable to
participating securities |
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(2,488 |
) |
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(2,385 |
) |
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Basic Earnings Per Share: |
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Income attributable to common
stockholders |
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81,011 |
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|
12,148 |
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$ |
6.67 |
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|
63,122 |
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|
12,487 |
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$ |
5.05 |
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Effect of Dilutive Securities: |
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Stock options |
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— |
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|
407 |
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— |
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|
398 |
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Warrants |
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— |
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8 |
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— |
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7 |
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Net impact from reallocation of
undistributed earnings to
participating securities |
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59 |
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— |
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67 |
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— |
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Diluted Earnings Per Share: |
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Income attributable to common
stockholders |
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$ |
81,070 |
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|
12,563 |
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$ |
6.45 |
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$ |
63,189 |
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|
12,892 |
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$ |
4.90 |
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Nine Months Ended |
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Nine Months Ended |
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September 30, 2026 |
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September 30, 2025 |
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Income |
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Shares (a) |
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Per Share |
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Income |
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Shares (a) |
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Per Share |
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(Numerator) |
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(Denominator) |
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Amount |
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(Numerator) |
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(Denominator) |
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Amount |
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Net income |
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$ |
254,170 |
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$ |
212,397 |
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Less: Net income attributable
to noncontrolling interests |
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(23,467 |
) |
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(11,046 |
) |
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Net income after noncontrolling
interests |
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230,703 |
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201,351 |
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Less: Income attributable to
participating securities |
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(8,759 |
) |
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(8,030 |
) |
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Basic Earnings Per Share: |
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Income attributable to common
stockholders |
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221,944 |
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12,301 |
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$ |
18.04 |
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193,321 |
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|
11,399 |
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$ |
16.96 |
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Effect of Dilutive Securities: |
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Stock options |
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— |
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|
397 |
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— |
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|
383 |
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Convertible senior notes |
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— |
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— |
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|
4,879 |
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|
1,068 |
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Warrants |
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— |
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8 |
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— |
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7 |
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Net impact from reallocation of
undistributed earnings to
participating securities |
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|
206 |
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— |
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|
643 |
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— |
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Diluted Earnings Per Share: |
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Income attributable to common
stockholders |
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$ |
222,150 |
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|
12,706 |
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$ |
17.48 |
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$ |
198,843 |
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|
12,857 |
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$ |
15.47 |
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