EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2026

Basic earnings per common share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share gives effect to the potential dilution that could occur if all outstanding dilutive equity awards to issue shares of common stock were exercised or settled.

The following is a summary of the components of basic and diluted earnings per share (in thousands, except per share amounts):


	Three Months Ended March 31,
	2026		2025
Numerator:
Net income	$	98,625	$	213,466
Denominator:
Weighted average shares – basic	96,033		101,245
Restricted stock units	712		804
Stock options	785		968
Weighted average shares – diluted	97,530		103,017
Earnings per common share – basic	$	1.03	$	2.11
Earnings per common share – diluted	$	1.01	$	2.07

The above calculations of weighted average shares exclude 302,828 and 186,988 of anti-dilutive stock options and unvested performance and non-performance restricted stock units ("RSUs") for the three months ended March 31, 2026 and 2025, respectively.

In addition, 173,261 shares relating to our accelerated share repurchase programs were also anti-dilutive and excluded from the above for the three months ended March 31, 2025. There were no accelerated share repurchase transactions in the three months ended March 31, 2026.