Earnings Per Share

3 Months Ended

Mar. 31, 2025

Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock; however, potential common equivalent shares are excluded if the

effect of including these shares would be anti-dilutive. The Company’s two classes of common stock, Class A and Class B non-voting, have equal rights to dividends and income, and therefore, basic and diluted earnings per share are the same for each class of common stock. As of March 31, 2025, the Company did not have any Class B non-voting common stock outstanding.

Diluted earnings per share takes into account the vesting of restricted stock units using the treasury stock method. For the three months ended March 31, 2025, and 2024, the Company did not exclude any potentially dilutive securities, whose effect would have been anti-dilutive, from the computation of diluted earnings per share. The Company excluded 1,033,419 and 1,084,610 shares related to restricted stock units for which the performance metric had yet to be achieved as of March 31, 2025 and 2024, respectively.

The following table sets forth the reconciliation of basic and diluted earnings per share:


	Three Months Ended March 31,

	2025		2024
	(in thousands, except share and per share)
Basic earnings per share:
Numerator
Net income	$	375,832	$	107,866
Preferred stock dividends	(11,081)		(10,425)
Net income attributable to common stockholders	$	364,751	$	97,441
Denominator
Weighted-average common shares outstanding	111,549,903		111,174,593
Basic earnings per share	$	3.27	$	0.88
Diluted earnings per share:
Numerator
Net income	$	375,832	$	107,866
Preferred stock dividends	(11,081)		(10,425)
Net income attributable to common stockholders	$	364,751	$	97,441
Denominator
Number of shares used in basic computation	111,549,903		111,174,593
Weighted-average effect of dilutive securities	480,479		355,177
Number of shares used in per share computation	112,030,382		111,529,770
Diluted earnings per share	$	3.26	$	0.87