Net Income Per Common Share

6 Months Ended

Jun. 30, 2025

(4) NET INCOME PER COMMON SHARE

The following sets forth a reconciliation of net income to basic net income attributable to common shareholders to diluted net income attributable to common shareholders (in thousands, except per share amounts):


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Net income, as reported	$	237,578		$	28,704		$	334,630		$	120,842
Participating earnings (a)		(614	)		(180	)		(948	)		(772	)
Basic net income attributed to common shareholders		236,964			28,524			333,682			120,070
Reallocation of participating earnings (a)		4			—			6			4
Diluted net income attributed to common shareholders	$	236,968		$	28,524		$	333,688		$	120,074
Net income per common share:
Basic	$	0.99		$	0.12		$	1.40		$	0.50
Diluted	$	0.99		$	0.12		$	1.39		$	0.49

(a)

Restricted Stock Liability Awards (discussed in Note 9) represent participating securities because they participate in non-forfeitable dividends or distributions with common equity owners. Income allocable to participating securities represents the distributed and undistributed earnings attributable to the participating securities. Participating securities, however, do not participate in undistributed net losses.

The following details weighted average common shares outstanding and diluted weighted average common shares outstanding (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Weighted average common shares outstanding – basic		238,187		241,125		239,106		240,815
Effect of dilutive securities:
Director and employee restricted stock and performance-based equity awards		1,530		1,858		1,666		1,951
Weighted average common shares outstanding – diluted		239,717		242,983		240,772		242,766

Weighted average common shares outstanding – basic for second quarter 2025 excludes 617,000 shares of restricted stock held in our deferred compensation plan compared to 1.5 million shares in second quarter 2024 (although all awards are issued and outstanding upon grant). Weighted average common shares outstanding – basic for the first six months 2025 excludes 679,000 shares of restricted stock held in our deferred compensation plan compared to 1.6 million shares in the first six months 2024. For the three months ended June 30, 2025, equity grants of 2,000 shares compared to 17,000 shares in the same period of the prior year were outstanding but not included in the computation of diluted net income because the grant prices were greater than the average market price of the common shares and would be anti-dilutive to the computation. For the six months ended June 30, 2025, equity grants of 1,000 shares compared to 9,000 shares in the same period of the prior year were outstanding but not included in the computation of diluted net income because the grant prices were greater than the average market price of the common shares and would be anti-dilutive to the computation.