Earnings per Share

9 Months Ended

Sep. 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 10 - Compensation Plans in this report and 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 September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024

	(in thousands, except per share data)
Net income	$	155,088	$	240,523	$	539,022	$	582,015

Basic weighted-average common shares outstanding	114,826		114,405		114,592		114,870
Dilutive effect of non-vested RSUs, contingent PSUs, and other	400		588		398		831
Diluted weighted-average common shares outstanding	115,226		114,993		114,990		115,701

Basic net income per common share	$	1.35	$	2.10	$	4.70	$	5.07
Diluted net income per common share	$	1.35	$	2.09	$	4.69	$	5.03