Earnings Per Share
The following table reconciles basic and diluted earnings per common share:
 For the Year Ended
 December 31,
2025
December 31,
2024
December 31,
2023
 (In thousands, except per share amounts)
Basic:
Net income$397,584 $541,817 $214,352 
Weighted-average number of common shares318,159 340,435 353,588 
Basic net income per common share$1.25 $1.59 $0.61 
Diluted:
Net income$397,584 $541,817 $214,352 
Weighted-average number of common shares318,159 340,435 353,588 
Dilutive share-based awards (a)3,633 2,901 3,524 
Weighted-average number of common and potential common shares321,792 343,336 357,112 
Diluted net income per common share$1.24 $1.58 $0.60 
(a)    Share-based awards totaling 5.9 million, 7.5 million, and 10.4 million were excluded from the calculation of diluted net income per common share for the years ended December 31, 2025, 2024, and 2023, respectively, because their effect would be antidilutive.

Historical Timeline

Fiscal YearFiled
2025Feb 23, 2026Showing above
2024Feb 26, 2025
2023Mar 15, 2024
2022Feb 22, 2023
2021Feb 28, 2022
2020Feb 25, 2021
2019Feb 25, 2020
2018Feb 22, 2019
2017Feb 27, 2018
2016Feb 23, 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.