Earnings Per Share

3 Months Ended

Mar. 31, 2026

Basic earnings per share is computed by dividing net income attributable to common stockholders by the number of weighted average shares of voting common stock outstanding, including unvested restricted stock awards which contain rights to non-forfeitable dividends. Diluted earnings per share is computed by dividing net income attributable to common stockholders by the number of weighted average shares of voting common stock outstanding, adjusted for the dilutive impact of unissued shares paid to directors during the year as compensation. A reconciliation of the number of shares used in the calculation of basic and diluted earnings per share for the three months ended March 31, 2026 and 2025 follows:


	Three Months Ended March 31,
	2026	2025
Weighted average number of common shares outstanding	65,779,859	66,772,412
Effect of non-participatory equity compensation	12,629	17,364
Weighted average number of common shares outstanding, including effect of dilutive securities	65,792,488	66,789,776