Earnings Per Share

3 Months Ended

Mar. 31, 2025

Earnings Per Share

Earnings Per Share

Note 11 — Earnings Per Share

Basic earnings per share is calculated by dividing net income by the weighted-average shares of common stock outstanding during each period, excluding non-vested restricted shares. Our diluted earnings per share is based on the weighted-average shares of common stock outstanding during each period plus the maximum dilutive effect of common stock issuable upon exercise of stock options or vesting of restricted stock units. Stock options and unvested restricted stock units are considered common stock equivalents and are only included in the calculation of diluted earnings per common share when their effect is dilutive.

The following table sets forth the computation of basic and diluted earnings per common share for the three months ended March 31, 2025 and 2024:

	Three Months Ended
	March 31,
(Dollars and shares in thousands, except for per share amounts)	2025		2024
Basic earnings per common share:
Net income	$	89,080	$	115,056
Weighted-average basic common shares		101,410		76,301
Basic earnings per common share	$	0.88	$	1.51
Diluted earnings per common share:
Net income	$	89,080	$	115,056
Weighted-average basic common shares		101,410		76,301
Effect of dilutive securities		419		359
Weighted-average dilutive shares		101,829		76,660
Diluted earnings per common share	$	0.87	$	1.50

The calculation of diluted earnings per common share excludes outstanding stock options for which the results would have been anti-dilutive under the treasury stock method, as follows:

	Three Months Ended March 31,
	2025		2024
Number of shares		—					57,169
Range of exercise prices		—	$	87.30	to	$	91.35