Earnings per Share

6 Months Ended

Jun. 30, 2025

Note 9 - Earnings Per Share

Basic net income or loss per common share is calculated by dividing net income or loss available to common stockholders by the basic weighted-average number of common shares outstanding for the respective period. Diluted net income or loss per common share is calculated by dividing net income or loss available to common stockholders by the diluted weighted-average number of common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for this calculation consist primarily of non-vested restricted stock units (“RSU” or “RSUs”) and contingent performance share units (“PSU” or “PSUs”), which were measured using the treasury stock method. Refer to Note 9 - Earnings Per Share and Note 10 - Compensation Plans in the 2024 Form 10-K for additional detail on these potentially dilutive securities.

The following table sets forth the calculations of basic and diluted net income per common share:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2025		2024		2025		2024

	(in thousands, except per share data)
Net income	$	201,665	$	210,293	$	383,934	$	341,492

Basic weighted-average common shares outstanding	114,520		114,634		114,518		115,138
Dilutive effect of non-vested RSUs, contingent PSUs, and other	268		1,081		362		954
Diluted weighted-average common shares outstanding	114,788		115,715		114,880		116,092

Basic net income per common share	$	1.76	$	1.83	$	3.35	$	2.97
Diluted net income per common share	$	1.76	$	1.82	$	3.34	$	2.94