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Earnings Per Share

9 Months Ended

Sep. 30, 2025

Earnings Per Share

Earnings Per Share

Note 11 — Earnings Per Share

Basic earnings per share is calculated by dividing net income by the weighted-average shares of common stock outstanding during each period, excluding non-vested restricted shares. Our diluted earnings per share is based on the weighted-average shares of common stock outstanding during each period plus the maximum dilutive effect of common stock issuable upon exercise of stock options or vesting of restricted stock units. Stock options and unvested restricted stock units are considered common stock equivalents and are only included in the calculation of diluted earnings per common share when their effect is dilutive.

The following table sets forth the computation of basic and diluted earnings per common share for the three and nine months ended September 30, 2025 and 2024:


		Three Months Ended						Nine Months Ended
		September 30,						September 30,
(Dollars and shares in thousands, except for per share amounts)		2025			2024			2025			2024
Basic earnings per common share:
Net income		$	246,641		$	143,179		$	550,945		$	390,605
Weighted-average basic common shares			101,218			76,299			101,374			76,284
Basic earnings per common share		$	2.44		$	1.88		$	5.43		$	5.12
Diluted earnings per common share:
Net income		$	246,641		$	143,179		$	550,945		$	390,605
Weighted-average basic common shares			101,218			76,299			101,374			76,284
Effect of dilutive securities			517			506			433			407
Weighted-average dilutive shares			101,735			76,805			101,807			76,691
Diluted earnings per common share		$	2.42		$	1.86		$	5.41		$	5.09

The calculation of diluted earnings per common share excludes outstanding stock options for which the results would have been anti-dilutive under the treasury stock method, as follows:


		Three Months Ended September 30,												Nine Months Ended September 30,
		2025							2024					2025						2024
Number of shares						—						—						—						57,169
Range of exercise prices						—						—						—		$	87.30	to	$	91.35