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Quarterly report [Sections 13 or 15(d)]

Earnings Per Share

v3.25.3
Earnings Per Share
9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]
Earnings Per Share Earnings Per Share
Basic earnings per share (鈥淓PS鈥) is computed based on the weighted average number of shares outstanding during the period. Diluted EPS is computed based upon the weighted average number of shares outstanding during the period plus unvested RSAs and other nonvested awards granted pursuant to our incentive and equity compensation plans. The computation of diluted EPS reflects the potential dilution that could occur if all outstanding awards under the incentive and equity compensation plans were converted into shares of Common Stock or resulted in the issuance of shares of Common Stock that would then share in the earnings of the Company. The number of dilutive securities is computed using the treasury stock method.
The following table sets forth the computation of basic and diluted EPS for the three and nine months ended September听30, 2025 and 2024 (in thousands, except number of shares and per share data):
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025 2024 2025 2024
Net income $ 121,238听 $ 106,594听 $ 358,030听 $ 335,600听
Basic earnings per share:
Weighted average shares outstanding for basic earnings per share 22,984,883听 22,979,781听 22,984,317听 22,990,213听
Basic earnings per share $ 5.27听 $ 4.64听 $ 15.58听 $ 14.60听
Diluted earnings per share:
Weighted average shares outstanding for basic earnings per share 22,984,883听 22,979,781听 22,984,317听 22,990,213听
Effect of dilutive securities:
Incentive and equity compensation plans 25,375听 32,388听 23,965听 26,520听
Weighted average shares outstanding for diluted earnings per share 23,010,258听 23,012,169听 23,008,282听 23,016,733听
Diluted earnings per share $ 5.27听 $ 4.63听 $ 15.56听 $ 14.58听

Restricted stock, if any, is included in the number of shares of Common Stock issued and outstanding, but omitted from the basic EPS calculation until the shares of restricted stock vest. Certain stock awards granted are not included in the dilutive securities in the table above as they were anti-dilutive for the three and nine months ended September听30, 2025. There were no anti-dilutive securities for the three and nine months ended September 30, 2024.