Net Income Per Common Share

9 Months Ended

Sep. 30, 2025

(In Thousands, Except Share and Per Share Data)

Basic net income per common share is calculated by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted net income per common share reflects the pro forma dilution of shares outstanding, assuming outstanding service-based restricted stock awards fully vested, calculated in accordance with the treasury method. Basic and diluted net income per common share calculations are as follows for the periods presented:


	Three Months Ended
	September 30,
	2025		2024
Basic
Net income applicable to common stock	$	59,788	$	72,455
Average common shares outstanding	94,623,551		61,217,094
Net income per common share - basic	$	0.63	$	1.18
Diluted
Net income applicable to common stock	$	59,788	$	72,455
Average common shares outstanding	94,623,551		61,217,094
Effect of dilutive stock-based compensation	661,052		415,354
Average common shares outstanding - diluted	95,284,603		61,632,448
Net income per common share - diluted	$	0.63	$	1.18



	Nine Months Ended
	September 30,
	2025		2024
Basic
Net income applicable to common stock	$	102,324	$	150,711
Average common shares outstanding	84,403,694		57,934,806
Net income per common share - basic	$	1.21	$	2.60
Diluted
Net income applicable to common stock	$	102,324	$	150,711
Average common shares outstanding	84,403,694		57,934,806
Effect of dilutive stock-based compensation	530,696		362,748
Average common shares outstanding - diluted	84,934,390		58,297,554
Net income per common share - diluted	$	1.20	$	2.59

Stock-based compensation awards that could potentially dilute basic net income per common share in the future that were not included in the computation of diluted net income per common share due to their anti-dilutive effect were as follows for the periods presented:


	Three Months Ended
	September 30,
	2025	2024
Number of shares	1,000	1,000



	Nine Months Ended
	September 30,
	2025	2024
Number of shares	1,794	1,000