Earnings Per Share Level 1 (Notes)

12 Months Ended

Dec. 31, 2025

Earnings Per Share

Basic earnings per common share (EPS) excludes dilution and is computed by dividing Net income attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other obligations to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that shared in our earnings.

A reconciliation of the numerators and denominators of basic and diluted EPS is presented below:


	Years Ended December 31,
	2025		2024		2023
	(In thousands, except per share amounts)
Amounts attributable to common stockholders:






Net income — basic and diluted	$	542,614	$	518,648	$	537,317


Weighted average shares:
Weighted average shares — basic	141,603		145,271		150,565
Stock options	1,025		1,444		1,726
Restricted share units	61		67		60

Weighted average shares — diluted	142,689		146,782		152,351
Amounts attributable to common stockholders:






Net income per share:
Basic	$	3.83	$	3.57	$	3.57
Diluted	$	3.80	$	3.53	$	3.53

The computation of diluted earnings per share excludes outstanding stock options in certain periods in which the inclusion of such options would be antidilutive to the periods presented. Total antidilutive options not currently included in the computation of dilutive EPS