14. EARNINGS PER SHARE
The Corporation is required to report both basic earnings per share (EPS), based on the weighted-average number of common shares outstanding, and diluted earnings per share, based on the basic EPS adjusted for all potentially dilutive shares issuable.
For the years ended December 31, 2025, 2024 and 2023, there were approximately 4,000, 24,000, and 12,000 anti-dilutive equity-based awards excluded from the calculation of diluted earnings per share.
Earnings per share calculations for the years ended December 31, 2025, 2024, and 2023, were as follows:
(In thousands, except per share data)Net EarningsWeighted-
Average Shares
Outstanding
Earnings per Share
2025
Basic earnings per share $484,228 37,417 $12.94 
Dilutive effect of deferred stock compensation214 
Diluted earnings per share$484,228 37,631 $12.87 
2024
Basic earnings per share$404,978 38,153 $10.61 
Dilutive effect of deferred stock compensation220 
Diluted earnings per share$404,978 38,373 $10.55 
2023
Basic earnings per share$354,509 38,283 $9.26 
Dilutive effect of deferred stock compensation246 
Diluted earnings per share$354,509 38,529 $9.20 

Historical Timeline

Fiscal YearFiled
2025Feb 12, 2026Showing above
2024Feb 13, 2025
2023Feb 20, 2024
2022Feb 22, 2023
2021Feb 24, 2022
2020Feb 25, 2021
2019Feb 27, 2020
2018Feb 27, 2019
2017Feb 22, 2018
2016Feb 21, 2017
2015Feb 25, 2016

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.