Earnings per Share

3 Months Ended

Mar. 31, 2025

Basic earnings per share (“EPS”) is calculated by dividing net income by the weighted average number of shares of common stock outstanding, including participating securities. Our “participating securities” are comprised of vested restricted stock and restricted stock units (“RSUs”) with non-forfeitable rights to dividends. Diluted EPS includes the components of basic EPS and also gives effect to dilutive common stock equivalents. The determination of whether components are dilutive is calculated independently for each period. We calculate diluted EPS using the treasury stock method which reflects the potential dilution that could occur if unvested RSUs result in the issuance of common stock.

Table 6.1 reconciles the numerators and denominators used to calculate basic and diluted EPS.


Earnings per share
Table	6.1
		Three Months Ended March 31,
(In thousands, except per share data)		2025		2024
Net income - basic and diluted		$	185,460	$	174,097
Basic weighted average common shares outstanding		244,147		270,314
Dilutive effect of unvested RSUs		2,343		2,794
Diluted weighted average common shares outstanding		246,490		273,108

Earnings per share:
Basic earnings per share		$	0.76	$	0.64
Diluted earnings per share		$	0.75	$	0.64