EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2025

14. EARNINGS PER SHARE

The Corporation is required to report both basic earnings per share (EPS), based on the weighted-average number of common shares outstanding, and diluted earnings per share, based on the basic EPS adjusted for all potentially dilutive shares issuable.

For the years ended December 31, 2025, 2024 and 2023, there were approximately 4,000, 24,000, and 12,000 anti-dilutive equity-based awards excluded from the calculation of diluted earnings per share.

Earnings per share calculations for the years ended December 31, 2025, 2024, and 2023, were as follows:


(In thousands, except per share data)	Net Earnings		Weighted- Average Shares Outstanding	Earnings per Share
2025
Basic earnings per share	$	484,228	37,417	$	12.94
Dilutive effect of deferred stock compensation			214
Diluted earnings per share	$	484,228	37,631	$	12.87
2024
Basic earnings per share	$	404,978	38,153	$	10.61
Dilutive effect of deferred stock compensation			220
Diluted earnings per share	$	404,978	38,373	$	10.55
2023
Basic earnings per share	$	354,509	38,283	$	9.26
Dilutive effect of deferred stock compensation			246
Diluted earnings per share	$	354,509	38,529	$	9.20