Earnings Per Share

12 Months Ended

Dec. 31, 2025

Earnings per share is calculated using both the two-class and the treasury stock methods with the more dilutive method used to determine basic and diluted earnings per share. The treasury stock method was used to determine EPS in 2025 and the two-class method was used to determine EPS in 2024 and 2023. The two-class method is no longer applicable and shown for comparative purposes only.

The following table reconciles the numerators and denominators of basic and diluted EPS calculations for the periods presented:



	Twelve Months Ended December 31,
(in thousands, except share and per share data)		2025			2024			2023
Numerator for Earnings per Share—Basic and Diluted:
Net income—Treasury Stock Method—Basic and Diluted			$	134,230		$	131,265		$	144,781
Less: Income allocated to participating shares(1)			—			13			156
Net Income Allocated to Shareholders—Two-Class Method—Basic and Diluted			$	134,230		$	131,252		$	144,625















Denominator for Earnings per Share—Treasury Stock Method:
Weighted Average Shares Outstanding—Basic			38,195,322			38,237,531			38,432,447
Add: Potentially dilutive shares			296,182			289,573			253,171
Denominator for Treasury Stock Method—Diluted			38,491,504			38,527,104			38,685,618

Denominator for Earnings per Share—Two-Class Method:
Weighted Average Shares Outstanding—Basic			38,195,322			38,237,531			38,432,447
Add: Average participating shares outstanding(1)			—			286,157			222,958
Denominator for Two-Class Method—Diluted			38,195,322			38,523,688			38,655,405


Earnings per share—basic			$	3.51		$	3.43		$	3.76
Earnings per share—diluted			$	3.49		$	3.41		$	3.74

Restricted stock considered anti-dilutive excluded from potentially dilutive shares			27			190			293
(1)Two-class method not applicable in 2025.