EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2025

The Company reports both basic and diluted earnings per share. Basic earnings per share is computed by dividing net income available to participating common stockholders by the weighted average number of participating common shares outstanding for the period. Diluted earnings per share is calculated by dividing the net income available to participating common stockholders by the diluted weighted average number of shares outstanding for the period. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive equity.

The following table sets forth the computation of basic and diluted earnings per share under the two-class method (in thousands, except per share data):


Year Ended December 31,	2025		2024		2023
Net income available to stockholders	$	526,705	$	466,379	$	434,957
Less dividends paid:
Common stock	(326,693)		(296,818)		(263,016)
Time-lapse restricted awards	(1,208)		(1,313)		(1,332)
Undistributed earnings for the period	$	198,804	$	168,248	$	170,609
Allocation of undistributed earnings:
Common stock	$	198,072	$	167,507	$	169,687
Time-lapse restricted awards	732		741		859
Restricted stock units	—		—		63
Weighted-average shares outstanding:
Weighted-average outstanding common shares	482,322		482,117		487,480
Add participating securities:
Weighted-average time-lapse restricted awards	1,783		2,132		2,469
Total weighted-average shares outstanding – basic	484,105		484,249		489,949
Dilutive effect of restricted stock units	42		46		181
Total weighted-average shares outstanding – diluted	484,147		484,295		490,130

Basic earnings per share:
Common stock:
Distributed earnings	$	0.68	$	0.62	$	0.54
Undistributed earnings	0.41		0.34		0.35
Basic earnings per share	$	1.09	$	0.96	$	0.89




Diluted earnings per share:
Common stock:
Distributed earnings	$	0.68	$	0.62	$	0.54
Undistributed earnings	0.41		0.34		0.35
Diluted earnings per share	$	1.09	$	0.96	$	0.89