Net Income Per Common Share (Tables)

6 Months Ended

Jun. 30, 2025

Computations of Basic and Diluted Income (Loss) 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.

Basic Weighted Average Common Shares Outstanding and Diluted Weighted Average Common Shares Outstanding

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