Annual report [Section 13 and 15(d), not S-K Item 405]

Earnings Per Share

v3.25.4
Earnings Per Share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Basic earnings per share (“EPS”) is computed based on the weighted average number of shares outstanding during the period. Diluted EPS is computed based upon the weighted average number of shares outstanding during the period plus unvested RSAs and other nonvested awards granted pursuant to our incentive and equity compensation plans. The computation of diluted EPS reflects the potential dilution that could occur if all outstanding awards under the incentive and equity compensation plans were converted into shares of Common Stock or resulted in the issuance of shares of Common Stock that would then share in the earnings of the Company. The number of dilutive securities is computed using the treasury stock method.
The following table sets forth the computation of EPS for the years ended December 31, 2025, 2024, and 2023 (in thousands, except number of shares and per share data):
Years Ended December 31,
  2025 2024 2023
Net income $ 481,376  $ 453,960  $ 405,645 
Basic earnings per share:
Weighted average shares outstanding for basic earnings per share 68,949,240  68,958,591  69,132,915 
Basic earnings per share $ 6.98  $ 6.58  $ 5.87 
Diluted earnings per share:
Weighted average shares outstanding for basic earnings per share 68,949,240  68,958,591  69,132,915 
Effect of dilutive securities:
Stock-based incentive plan 78,252  100,661  46,620 
Weighted average shares outstanding for diluted earnings per share 69,027,492  69,059,252  69,179,535 
Diluted earnings per share $ 6.97  $ 6.57  $ 5.86 

RSAs are included in the number of shares of Common Stock issued and outstanding, but omitted from the basic earnings per share calculation until such time as the RSAs vest. Certain stock awards granted are not included in the dilutive securities in the table above as they are anti-dilutive for the years ended December 31, 2025 and 2023. There were no anti-dilutive securities for the year ended December 31, 2024.