Earnings per Share

12 Months Ended

Dec. 31, 2025

As of December 31, 2025 and 2024 the Company’s capital structure consists of common stock and unvested restricted stock. To calculate earnings per share (“EPS”) for the years ended December 31, 2025 and 2024 the Company applied the two-class method because its unvested restricted shares were participating securities.

As of December 31, 2023, the Company’s capital structure included Class A, B, and C units outstanding. To calculate EPS for the year ended December 31, 2023, the Company applied the two-class method because its unvested restricted interests and outstanding options were participating securities.

The following table sets forth the net income attributable to the Company, its shares/units outstanding, and its participating shares/units outstanding:



	For the Year Ended December 31,
	2025		2024		2023
			(in thousands)
Net income	$	172,849	$	171,897	$	184,743
Less: net income attributable to non-controlling interests	6,434		5,354		4,796
Net income attributable to the Company	166,415		166,543		179,947
Less: distributed and undistributed income attributable to participating securities	2,244		211		316
Distributed and undistributed income attributable to common shares	$	164,171	$	166,332	$	179,631

The following tables set forth the computation of EPS under the two-class method:


	For the Year Ended December 31, 2025
	Net Income Allocation		Shares(1)	Basic and Diluted EPS
	(in thousands, except for per share amounts)
Common shares	$	164,171	126,566	$	1.30
Participating securities	2,244		1,730	$	1.30
Total Company	$	166,415	128,296	$	1.30


	For the Year Ended December 31, 2024
	Net Income Allocation		Shares(1)	Basic and Diluted EPS
	(in thousands, except for per share amounts)
Common shares	$	166,332	114,058	$	1.46
Participating securities	211		145	$	1.46
Total Company	$	166,543	114,203	$	1.46


	For the Year Ended December 31, 2023
	Net Income Allocation		Shares(1)(2)	Basic and Diluted EPS
	(in thousands, except for per share amounts)
Outstanding Class A, Class B, and Class C units	$	179,631	104,008	$	1.73
Participating securities	316		183	$	1.73
Total Company	$	179,947	104,191	$	1.73

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(1) Represents the weighted average share/unit count outstanding during the period.

(2) The recapitalization of members units into common shares has been treated as such for earnings per share purposes and has been reflected retrospectively for all periods, along with the one-for-4.295 reverse stock split, as described in Note 1—“Organization and Significant Accounting Policies”.