Earnings Per Share

12 Months Ended

Dec. 31, 2025

The following table sets forth the computation of basic and diluted earnings per common share for 2025, 2024 and 2023:


(In thousands, except per share data)		2025		2024		2023
Net income		$	823,844	$	695,045	$	622,626
Less: Preferred stock dividends		35,644		27,964		27,964
Less: Preferred stock redemption		14,046		—		—


Net income applicable to common shares	(A)	$	774,154	$	667,081	$	594,662

Weighted average common shares outstanding	(B)	66,896		63,685		61,149
Effect of dilutive potential common shares:
Common stock equivalents		998		1,016		938


Weighted average common shares and effect of dilutive potential common shares	(C)	67,894		64,701		62,087
Net income per common share:
Basic	(A/B)	$	11.57	$	10.47	$	9.72
Diluted	(A/C)	11.40		10.31		9.58

Potentially dilutive common shares can result from stock options, restricted stock unit awards and shares to be issued under the ESPP and the DDFS Plan, being treated as if they had been either exercised or issued, computed by application of the treasury stock method. While potentially dilutive common shares are typically included in the computation of diluted earnings per share, potentially dilutive common shares are excluded from this computation in periods in which the effect would reduce the loss per share or increase the income per share.