Per Share Data

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Per Share Data

3. Per Share Data

Basic earnings per share are computed using net income attributable to common shareholders and the weighted average number of common shares outstanding. Diluted earnings per share reflect common shares issuable from the assumed conversion of common share options and share awards granted and units convertible into common shares. Only those items having a dilutive impact on our basic earnings per share are included in diluted earnings per share. Our unvested share-based awards are considered participating securities and are reflected in the calculation of basic and diluted earnings per share using the two-class method. Common shares under a forward sale agreement will be considered in our calculation for diluted earnings-per-share until settlement, using the treasury stock method.

The number of common share equivalent securities excluded from the diluted earnings per share calculation was approximately 1.8 million for each of the years ended December 31, 2025 and 2024 and approximately 1.0 million for the year ended December 31, 2023. These securities, which include share awards granted and units convertible into common shares, were excluded from the diluted earnings per share calculation as they are anti-dilutive.

The following table presents information necessary to calculate basic and diluted earnings per share for the periods indicated:

	Year Ended December 31,
(in thousands, except per share amounts)	2025		2024		2023
Earnings per common share calculation – basic
Net income attributable to common shareholders	$	384,462	$	163,293	$	403,309
Amount allocated to participating securities	(824)		(295)		(646)
Net income attributable to common shareholders – basic	$	383,638	$	162,998	$	402,663
Total earnings per common share – basic	$	3.54	$	1.50	$	3.71
Weighted average number of common shares outstanding – basic	108,376		108,491		108,653

Earnings per common share calculation – diluted
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities	$	383,638	$	162,998	$	402,663
Income allocated to common units from continuing operations	—		—		2,086
Net income attributable to common shareholders – diluted	$	383,638	$	162,998	$	404,749
Total earnings per common share – diluted	$	3.54	$	1.50	$	3.70
Weighted average number of common shares outstanding – basic	108,376		108,491		108,653
Incremental shares issuable from assumed conversion of:
Share awards granted	58		48		21
Common units	—		—		725
Weighted average number of common shares outstanding – diluted	108,434		108,539		109,399