Earnings Per Share

3 Months Ended

Mar. 31, 2026

The Company computes EPS using the two-class method. The two-class method of computing EPS is an earnings allocation formula that determines EPS for common stock and any participating securities according to dividends declared and participation rights in undistributed earnings. The Company's Series A Non-Voting Convertible Preferred Stock is a participating security. Basic earnings per common share are computed by dividing net income available to common shareholders by the weighted-average number of shares of common stock outstanding during each period. Diluted EPS are based on the weighted-average number of common shares outstanding during each period, plus common share equivalents, calculated for share-based awards outstanding using the treasury stock method and preferred shares using the more dilutive of either the two-class or if-converted method.

Options to purchase shares of the Company's common stock totaling 1,505 for the three months ended March 31, 2026, and 327,620 for the three months ended March 31, 2025, were anti-dilutive.


	Three Months Ended March 31,
(In thousands, except per share data)	2026		2025
Basic EPS
Net income	$	31,895	$	31,464
Less preferred stock dividends	(2,138)		—
Net income available to common shareholders	29,757		31,464
Less allocation of earnings to preferred stock	(1,184)		—
Net income available to common shareholders after allocation of earnings to preferred stock	$	28,573	$	31,464
Average common shares outstanding	96,840		84,648
Net income per share	$	0.30	$	0.37

Diluted EPS
Net income available to common shareholders	$	29,757	$	31,464
Less allocation of earnings to preferred stock	(1,173)		—
Net income available to common shareholders after allocation of earnings to preferred stock	$	28,584	$	31,464
Average common shares outstanding	96,840		84,648
Add: Dilutive effect of employee restricted stock and stock options	998		740
Average diluted shares outstanding	97,838		85,388
Net income per share	$	0.29	$	0.37