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Net Income Per Common Share | 9 Months Ended
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Sep. 30, 2025
Earnings Per Share [Abstract] |
Net Income Per Common Share | (4) N ET INCOME PER COMMON SHARE The following sets forth a reconciliation of net income to basic net income attributable to common shareholders to diluted net income attributable to common shareholders (in thousands, except per share amounts):
| Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
| 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Net income, as reported | $ | 144,307 |  |  | $ | 50,656 |  |  | $ | 478,937 |  |  | $ | 171,498 |
Participating earnings (a) |  | (161 | ) |  |  | (170 | ) |  |  | (1,081 | ) |  |  | (922 | )
Basic net income attributed to common shareholders |  | 144,146 |  |  |  | 50,486 |  |  |  | 477,856 |  |  |  | 170,576 |
Reallocation of participating earnings (a) |  | 1 |  |  |  | 1 |  |  |  | 7 |  |  |  | 5 |
Diluted net income attributed to common shareholders | $ | 144,147 |  |  | $ | 50,487 |  |  | $ | 477,863 |  |  | $ | 170,581 |
Net income per common share: |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 0.61 |  |  | $ | 0.21 |  |  | $ | 2.00 |  |  | $ | 0.71 |
Diluted | $ | 0.60 |  |  | $ | 0.21 |  |  | $ | 1.99 |  |  | $ | 0.70 |
(a) Restricted Stock Liability Awards (discussed in Note 9) represent participating securities because they participate in non-forfeitable dividends or distributions with common equity owners. Income allocable to participating securities represents the distributed and undistributed earnings attributable to the participating securities. Participating securities, however, do not participate in undistributed net losses. The following details weighted average common shares outstanding and diluted weighted average common shares outstanding (in thousands):
| Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
| 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Weighted average common shares outstanding – basic |  | 237,378 |  |  |  | 240,865 |  |  |  | 238,523 |  |  |  | 240,832 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |
Director and employee restricted stock and performance-based equity awards |  | 1,648 |  |  |  | 1,758 |  |  |  | 1,732 |  |  |  | 1,970 |
Weighted average common shares outstanding – diluted |  | 239,026 |  |  |  | 242,623 |  |  |  | 240,255 |  |  |  | 242,802 |
Weighted average common shares outstanding – basic for third quarter 2025 excludes 265,000 s hares of restricted stock held in our deferred compensation plan compared to 811,000 shares in third quarter 2024 (although all awards are issued and outstanding upon grant). Weighted average common shares outstanding – basic for the first nine months 2025 excludes 540,000 s hares of restricted stock held in our deferred compensation plan compared to 1.3 million shares in the first nine months 2024. For the three months ended September 30, 2024, equity grants of 8,000 shares were outstanding but not included in the computation of diluted net income because the grant prices were greater than the average market price of the common shares and would be anti-dilutive to the computation. For the nine months ended September 30, 2024, equity grants o f 3,000 shares were outstanding but not included in the computation of diluted net income because the grant prices were greater than the average market price of the common shares and would be anti-dilutive to the computation. There were no anti-dilutive shares for three or nine months ended September 30, 2025.

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