The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31, 2025, 2024 and 2023 (in thousands, except for earnings per share): | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2025 | | 2024 | | 2023 | | Weighted-average shares: | | | | | | | Common shares outstanding | 28,846 | | | 30,957 | | | 30,722 | | | RSAs | — | | | 3 | | | 21 | | | Total weighted-average shares | 28,846 | | | 30,960 | | | 30,743 | | | Earnings per common share—Basic | | | | | | | Net income | $ | 451,123 | | | $ | 404,386 | | | $ | 282,810 | | | Less: Undistributed earnings allocated to RSAs | — | | | (44) | | | (191) | | | Net income available to common shareholders—Basic | $ | 451,123 | | | $ | 404,342 | | | $ | 282,619 | | | | | | | | | Net income per common share—Basic | $ | 15.64 | | | $ | 13.06 | | | $ | 9.20 | | | | | | | | | Basic weighted-average common shares outstanding | 28,846 | | | 30,957 | | | 30,722 | | | Effect of diluted shares | 681 | | | 1,057 | | | 1,119 | | | Diluted weighted-average shares outstanding | 29,527 | | | 32,014 | | | 31,841 | | | | | | | | | Net income per common share—Diluted | $ | 15.28 | | | $ | 12.63 | | | $ | 8.88 | |
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