Earnings per share ("EPS") is calculated under the two-class method. Under the two-class method, all earnings (distributed and undistributed) are allocated to common stock and participating securities. The Company grants restricted stock awards to certain employees under its share-based compensation program, which entitle recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to the dividends paid to holders of common stock. These unvested restricted stock awards meet the definition of participating securities based on their respective rights to receive nonforfeitable dividends.

Diluted EPS incorporates the potential impact of contingently issuable shares. Diluted EPS is calculated under both the two-class and treasury stock methods, and the more dilutive amount is reported. Performance stock units ("PSUs") and unvested restricted stock awards are contingently issuable common shares and are included in diluted EPS if the effect is dilutive.

The following table presents the calculation of basic and diluted EPS (in thousands, except per share amounts):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Basic earnings per share
Net income attributable to the Company	$	11,793		$	75,428		$	104,724		$	86,976
Less: Earnings allocable to unvested restricted stock		(448	)		(1,161	)		(2,441	)		(1,345	)
Net income attributable to common shareholders		11,345			74,267			102,283			85,631
Weighted-average basic shares outstanding		30,222			30,406			30,209			30,427
Net income per share attributable to common shareholders	$	0.38		$	2.44		$	3.39		$	2.81

Diluted earnings per share (1)
Net income attributable to common shareholders	$	11,345		$	74,267		$	102,283		$	85,631
Dilutive impact of unvested restricted stock		—			214			16			—
Net income attributable to common shareholders, net of dilutive impact		11,345			74,481			102,299			85,631
Weighted-average diluted shares outstanding		30,998			31,313			30,870			30,851
Net income per share attributable to common shareholders	$	0.37		$	2.38		$	3.31		$	2.78

(1)

Diluted EPS includes contingently issuable shares related to PSUs, calculated under the treasury stock method, for all periods presented. Unvested restricted stock awards were treated as follows:

•

Three months ended September 30, 2026: Some unvested restricted stock awards are included under the treasury stock method, and certain others are excluded due to their anti-dilutive nature. Had they been dilutive, the diluted EPS denominator would have been 31,560, including 563 incremental shares.

•

Nine months ended September 30, 2026: Some unvested restricted stock awards are included under the treasury stock method, and certain others are excluded due to their anti-dilutive nature. Had they been dilutive, the diluted EPS denominator would have been 31,377, including 507 incremental shares.

•

Three months ended September 30, 2025: Unvested restricted stock awards are included under the treasury stock method.

•

Nine months ended September 30, 2025: Unvested restricted stock awards are excluded due to their anti-dilutive nature. Had they been dilutive, the diluted EPS denominator would have been 30,988, including 136 incremental shares.