EARNINGS PER SHARE
The following tables sets forth the computation of basic and diluted earnings per share:
Years ended December 31,
202520242023
(In thousands, except share data)
Basic earnings per share:
Net income$193,116 $140,191 $74,223 
Allocation of net income to common stockholders:
Common stock$193,116 $140,191 $74,049 
Unvested participating shares— — 174 
Net income$193,116 $140,191 $74,223 
Weighted average common shares outstanding:
Common stock56,945,743 57,931,572 57,717,102 
Unvested participating shares— 54,476 145,813 
Earnings per common share:
Common stock$3.39 $2.42 $1.28 
Years ended December 31,
202520242023
(In thousands, except share data)
Diluted earnings per share:
Earnings allocated to common stock$193,116 $140,191 $74,049 
Plus: earnings allocated to unvested participating shares— — 174 
Less: adjusted earnings allocated to unvested participating shares— — (174)
Earnings allocated to common stock$193,116 $140,191 $74,049 
Weighted average common shares outstanding:
Common stock56,945,743 57,931,572 57,717,102 
Effect of dilutive securities476,758 539,994 215,472 
Weighted average common shares outstanding — diluted57,422,501 58,471,566 57,932,574 
Earnings per common share:
Common stock$3.36 $2.40 $1.28 
For the years ended December 31, 2025 and 2024, basic and diluted earnings per share were calculated using the treasury method and for the year ended December 31, 2023, basic and diluted earnings per share were calculated using the two-class method. Equity awards outstanding to purchase or receive 1.1 million, 1.3 million, and 1.8 million shares of common stock were excluded from diluted earnings per share for the years ended December 31, 2025, 2024, and 2023, respectively, since their effect was anti-dilutive. These equity awards may become dilutive in the future.
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Historical Timeline

Fiscal YearFiled
2025Feb 26, 2026Showing above
2024Feb 27, 2025
2023Feb 27, 2024
2022Feb 28, 2023

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.