Per Share Data

3 Months Ended

Mar. 31, 2026

3. Per Share Data

Basic earnings per share is computed using net income attributable to common shareholders and the weighted average number of common shares outstanding. Diluted earnings per share reflects common shares issuable from the assumed conversion of common share options and unvested share awards as well as 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 restricted 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. The impact of performance share awards, if any, and other units convertible into common shares is included in diluted earnings per share using the treasury stock method, and the impact of common shares under a forward sale agreement, if any, is included using the if-converted method until settlement.

The number of common share equivalent securities excluded from the diluted earnings per share calculation was approximately 1.8 million for each of the three months ended March 31, 2026 and 2025. These securities, which include share awards granted and units convertible into common shares are anti-dilutive and were therefore excluded from the diluted earnings per share calculations. The following table presents information necessary to calculate basic and diluted earnings per share for the periods indicated:


	Three Months Ended March 31,
(in thousands, except per share amounts)	2026		2025
Earnings per common share calculation – basic
Net income attributable to common shareholders	$	42,449	$	38,822
Amount allocated to participating securities	(101)		(91)


Net income attributable to common shareholders – basic	$	42,348	$	38,731



Total earnings per common share – basic	$	0.40	$	0.36

Weighted average number of common shares outstanding – basic	104,826		108,530

Earnings per common share calculation – diluted




Net income attributable to common shareholders – diluted	$	42,348	$	38,731



Total earnings per common share – diluted	$	0.40	$	0.36

Weighted average number of common shares outstanding – basic	104,826		108,530

Incremental shares issuable from assumed conversion of share awards granted	73		67


Weighted average number of common shares outstanding – diluted	104,899		108,597