Earnings per Share

6 Months Ended

Jun. 30, 2026

Note 2 – Earnings per Share

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.

For each of the three and six month periods ended June 30, 2026, options to purchase 1,505 shares of the Company's common stock were anti-dilutive. Options to purchase shares of the Company’s common stock totaling 328,775 and 327,799, respectively, for the three and six months ended June 30, 2025, were anti-dilutive.


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands, except per share data)	2026		2025		2026		2025
Basic EPS
Net income	$	59,535	$	42,687	$	91,430	$	74,151
Less preferred stock dividends	(2,138)		—		(4,275)		—
Net income available to common shareholders	57,397		42,687		87,155		74,151
Less allocation of earnings to preferred stock	(4,087)		—		(5,265)		—
Net income available to common shareholders after allocation of earnings to preferred stock	$	53,310	$	42,687	$	81,890	$	74,151
Average common shares outstanding	96,438		84,903		96,638		84,776
Net income per share	$	0.55	$	0.50	$	0.85	$	0.87

Diluted EPS
Net income available to common shareholders	$	57,397	$	42,687	$	87,155	$	74,151
Less allocation of earnings to preferred stock	(4,056)		—		(5,221)		—
Net income available to common shareholders after allocation of earnings to preferred stock	$	53,341	$	42,687	$	81,934	$	74,151
Average common shares outstanding	96,438		84,903		96,638		84,776
Add: Dilutive effect of employee restricted stock and stock options	812		576		911		678
Average diluted shares outstanding	97,250		85,479		97,549		85,454
Net income per share	$	0.55	$	0.50	$	0.84	$	0.87