Earnings Per Share

12 Months Ended

Dec. 31, 2025

The following table reconciles basic and diluted earnings per common share:


	For the Year Ended
	December 31, 2025		December 31, 2024		December 31, 2023
	(In thousands, except per share amounts)
Basic:
Net income	$	397,584	$	541,817	$	214,352
Weighted-average number of common shares	318,159		340,435		353,588
Basic net income per common share	$	1.25	$	1.59	$	0.61

Diluted:
Net income	$	397,584	$	541,817	$	214,352
Weighted-average number of common shares	318,159		340,435		353,588
Dilutive share-based awards (a)	3,633		2,901		3,524
Weighted-average number of common and potential common shares	321,792		343,336		357,112
Diluted net income per common share	$	1.24	$	1.58	$	0.60

(a) Share-based awards totaling 5.9 million, 7.5 million, and 10.4 million were excluded from the calculation of diluted net income per common share for the years ended December 31, 2025, 2024, and 2023, respectively, because their effect would be antidilutive.