Net Income Per Common Share (Tables)

9 Months Ended

Sep. 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 September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Net income, as reported	$	144,307		$	50,656		$	478,937		$	171,498
Participating earnings (a)		(161	)		(170	)		(1,081	)		(922	)
Basic net income attributed to common shareholders		144,146			50,486			477,856			170,576
Reallocation of participating earnings (a)		1			1			7			5
Diluted net income attributed to common shareholders	$	144,147		$	50,487		$	477,863		$	170,581
Net income per common share:
Basic	$	0.61		$	0.21		$	2.00		$	0.71
Diluted	$	0.60		$	0.21		$	1.99		$	0.70

(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 September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Weighted average common shares outstanding – basic		237,378		240,865		238,523		240,832
Effect of dilutive securities:
Director and employee restricted stock and performance-based equity awards		1,648		1,758		1,732		1,970
Weighted average common shares outstanding – diluted		239,026		242,623		240,255		242,802