Earnings per Share

9 Months Ended

Sep. 30, 2026

Basic earnings per share is computed by dividing net income, after the deduction of preferred stock dividends and undistributed earnings allocated to participating securities, by the weighted average number of common shares outstanding during the period. Diluted earnings per share assumes the issuance of common stock for all potentially dilutive share equivalents outstanding not classified as participating securities. Participating securities are defined as unvested stock-based compensation awards that contain nonforfeitable rights to dividends.


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except per share values)	2026		2025		2026		2025
Net income	$	58,396	$	69,613	$	215,859	$	191,991
Preferred stock dividends	(10)		(10)		(30)		(30)
Net income attributable to common equity	58,386		69,603		215,829		191,961
Dividends and undistributed earnings allocated to participating securities	(6)		(6)		(21)		(18)
Net income attributable to common shareholders	58,380		69,597		$	215,808	$	191,943

Basic weighted-average shares outstanding	38,564		39,168		38,681		39,253
Stock-based compensation awards	83		112		95		127
Diluted weighted-average shares outstanding	38,647		39,280		38,776		39,380
Antidilutive shares	—		—		—		—
Earnings per share:
Basic	$	1.51	$	1.78	$	5.58	$	4.89
Diluted	$	1.51	$	1.77	$	5.57	$	4.87