Earnings Per Share ("EPS")

9 Months Ended

Sep. 30, 2025

EARNINGS PER SHARE (“EPS”)

Basic EPS is computed by dividing reported net income available to common stockholders by the weighted average number of common shares outstanding during each period. Diluted EPS is computed by dividing reported net income available to common stockholders by the weighted average common shares and all potential dilutive common shares outstanding during the period.

The computation of earnings per share is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except per share data)	2025		2024		2025		2024
Net income (loss) available to common stockholders	$	(562,792)	$	24,740	$	(475,631)	$	104,374

Average common shares outstanding	140,234		125,538		130,718		125,449
Average potential dilutive common shares	415		461		415		461
Average diluted common shares	140,649		125,999		131,133		125,910

Basic earnings per share	$	(4.01)	$	0.20	$	(3.64)	$	0.83
Diluted earnings per share	$	(4.00)	$	0.20	$	(3.63)	$	0.83

There were 62,300 stock options excluded from the three and nine months ended September 30, 2025 earnings per share calculation due to the related stock option exercise price exceeding the average market price of the Company’s stock during the period. There were 371,790 stock options excluded from the earnings per share calculation for the three and nine months ended September 30, 2024 due to the related stock option exercise price exceeding the average market price of the Company’s stock during the period.