EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

EARNINGS PER SHARE

17. EARNINGS PER SHARE

Basic EPS is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the weighted average number of common shares outstanding during the period, including the effect of dilutive potential common shares outstanding attributable to stock awards and incremental shares related to the Forward Sale Agreements, while excluding any anti-dilutive weighted shares outstanding. Refer to Note 12 “Stockholder’s Equity” in this Form 10-K for more information on the Forward Sale Agreements.

The following table presents basic and diluted EPS calculations for the years ended December 31, (in thousands except per share data):

	2025		2024		2023
Net Income:
Net income	$	273,715	$	209,131	$	201,818
Less: Preferred stock dividends		11,868		11,868		11,868
Net income available to common shareholders	$	261,847	$	197,263	$	189,950
Weighted average shares outstanding, basic		128,777		86,150		74,961
Dilutive effect of stock awards and Forward Sale Agreements		384		1,759		1
Weighted average shares outstanding, diluted		129,161		87,909		74,962
Earnings per common share, basic	$	2.03	$	2.29	$	2.53
Earnings per common share, diluted	$	2.03	$	2.24	$	2.53