Earnings Per Share

3 Months Ended

Mar. 31, 2025

The Company’s unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are deemed participating securities, and therefore dividends and net income allocated to such awards have been deducted from earnings in computing basic and diluted net income per share under the two-class method. Diluted net income per share attributable to Class A Common Stock is calculated under both the two-class method and the treasury stock method and the more dilutive of the two calculations is presented.

The components of basic and diluted net income per share attributable to Class A Common Stock are as follows:


	Three Months Ended
(In thousands, except per share data)	March 31, 2025		March 31, 2024
Basic:
Net income attributable to Class A Common Stock	$	102,927	$	85,086
Less: Dividends and net income allocated to participating securities	1,610		1,101
Net income, net of participating securities	$	101,317	$	83,985
Weighted average number of common shares outstanding during the period - basic	188,653		182,368
Net income per share of Class A Common Stock - basic	$	0.54	$	0.46

Diluted:
Net income attributable to Class A Common Stock	$	102,927	$	85,086
Less: Dividends and net income allocated to participating securities	1,610		1,101
Net income, net of participating securities	$	101,317	$	83,985
Weighted average number of common shares outstanding during the period - basic	188,653		182,368
Add: Dilutive effect of stock based compensation and other	11		56
Weighted average number of common shares outstanding during the period - diluted	188,664		182,424
Net income per share of Class A Common Stock - diluted	$	0.54	$	0.46

For the three months ended March 31, 2025 and 2024, the Company excluded 5.5 million and 21.8 million, respectively, of weighted average shares of Class A Common Stock issuable upon the exchange of Class B Common Stock (and corresponding Magnolia LLC Units) as the effect was anti-dilutive.