Earnings per Share
The below table contains a reconciliation of Net income before income taxes and noncontrolling interest to Net income available for common stockholders:
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| | | | | Years Ended December 31, |
| (in thousands) | | | | | | 2025 | | 2024 | | 2023 |
| Income before income taxes and noncontrolling interest | | | | | | $ | 1,094,329 | | | $ | 644,970 | | | $ | 325,131 | |
| Provision for income taxes | | | | | | 182,065 | | | 110,435 | | | 61,210 | |
| Net income | | | | | | 912,264 | | | 534,535 | | | 263,921 | |
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| Noncontrolling interest | | | | | | (443,903) | | | (258,120) | | | (121,885) | |
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| Net income available for common stockholders | | | | | | $ | 468,361 | | | $ | 276,415 | | | $ | 142,036 | |
The calculation of basic and diluted earnings per share is presented below:
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| | | | | Years Ended December 31, |
| (in thousands, except for share or per share data) | | | | | | 2025 | | 2024 | | 2023 |
| Basic earnings per share: | | | | | | | | | | |
| Net income available for common stockholders | | | | | | $ | 468,361 | | | $ | 276,415 | | | $ | 142,036 | |
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| Less: Dividends and undistributed earnings allocated to participating securities | | | | | | (30,600) | | | (16,021) | | | (8,151) | |
| Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities | | | | | | 437,761 | | | 260,394 | | | 133,885 | |
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| Weighted average shares of common stock outstanding: | | | | | | | | | | |
| Class A | | | | | | 85,216,028 | | | 87,482,162 | | | 94,076,165 | |
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| Basic earnings per share | | | | | | $ | 5.14 | | | $ | 2.98 | | | $ | 1.42 | |
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| | | | | Years Ended December 31, |
| (in thousands, except for share or per share data) | | | | | | 2025 | | 2024 | | 2023 |
| Diluted earnings per share: | | | | | | | | | | |
| Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities | | | | | | $ | 437,761 | | | $ | 260,394 | | | $ | 133,885 | |
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| Weighted average shares of common stock outstanding: | | | | | | | | | | |
| Class A | | | | | | | | | | |
| Issued and outstanding | | | | | | 85,216,028 | | | 87,482,162 | | | 94,076,165 | |
| Issuable pursuant to Second Amended and Restated 2015 Management Incentive Plan | | | | | | 102,408 | | | 339,414 | | | — | |
| | | | | | 85,318,436 | | | 87,821,576 | | | 94,076,165 | |
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| Diluted earnings per share | | | | | | $ | 5.13 | | | $ | 2.97 | | | $ | 1.42 | |
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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.