EARNINGS PER COMMON SHARE

12 Months Ended

Dec. 31, 2025

EARNINGS PER COMMON SHARE [Abstract]

EARNINGS PER COMMON SHARE

NOTE 3 — EARNINGS PER COMMON SHARE:

Basic earnings per common share is computed by dividing earnings, after the deduction of dividends and undistributed earnings allocated to participating securities, by the weighted average number of common shares outstanding during the period.

The computation of diluted earnings per share assumes the issuance of common stock for all potentially dilutive stock options and restricted stock units not classified as participating securities. Participating securities are defined by ASC 260, Earnings Per Share, as unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents and are included in the computation of earnings per share pursuant to the two-class method.

There were 23,674, 22,134 and 36,078 weighted average shares of unvested restricted common stock shares considered to be participating securities for the years ended December 31, 2025, 2024 and 2023, respectively. Such participating securities are allocated a portion of income, but not losses under the two-class method. As of December 31, 2025, there were 337,744 shares of restricted stock units and 127,980 stock options outstanding considered to be potentially dilutive securities.

Reconciliations of the numerator and denominator of the basic and diluted earnings per share computations are as follows:

(Dollars in thousands)		2025		2024		2023
Numerator:
Net income allocated to:
Common Stockholders	$	309,107	$	416,546	$	556,043
Participating securities		154		178		403
	$	309,261	$	416,724	$	556,446
Denominator:
Weighted-average common shares outstanding, basic		49,335,230		49,270,496		48,978,452
Dilutive effect of stock options		84,257		105,835		121,545
Dilutive effect of performance-based restricted stock units		94,599		173,858		127,623
Dilutive effect of restricted stock units		81,859		129,937		201,347
Weighted-average common shares outstanding, diluted		49,595,945		49,680,127		49,428,967

There were no antidilutive equity awards outstanding for the year ended December 31, 2025. Awards of 33,245 and 40,504 for the years ended December 31, 2024 and 2023, respectively, were not included in the computation of diluted earnings per share because inclusion of these awards would be anti-dilutive.