Earnings Per Share

9 Months Ended

Sep. 30, 2025

Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock; however, potential common equivalent shares are excluded if the effect of including these shares would be anti-dilutive. The Company’s two classes of common stock, Class A and Class B non-voting, have equal rights to dividends and income, and therefore, basic and diluted earnings per share are the same for each class of common stock. As of September 30, 2025, the Company did not have any Class B non-voting common stock outstanding.

Diluted earnings per share takes into account the vesting of restricted stock units using the treasury stock method. For the three and nine months ended September 30, 2025, and 2024, the Company did not exclude any potentially dilutive securities, whose effect would have been anti-dilutive, from the computation of diluted earnings per share. The Company excluded 1,033,419 and 1,047,068 shares related to restricted stock units for which the performance metric had yet to be achieved as of September 30, 2025 and 2024, respectively.

The following table sets forth the reconciliation of basic and diluted earnings per share:


	Three Months Ended September 30,				Nine Months Ended September 30,

	2025		2024		2025		2024
	(in thousands, except share and per share)
Basic earnings per share:
Numerator
Net income	$	146,456	$	103,971	$	907,455	$	314,783
Preferred stock dividends	(11,082)		(12,325)		(33,244)		(35,258)
Net income attributable to common stockholders	$	135,374	$	91,646	$	874,211	$	279,525
Denominator
Weighted-average common shares outstanding	111,765,032		111,376,884		111,693,352		111,308,222
Basic earnings per share	$	1.21	$	0.82	$	7.83	$	2.51
Diluted earnings per share:
Numerator
Net income	$	146,456	$	103,971	$	907,455	$	314,783
Preferred stock dividends	(11,082)		(12,325)		(33,244)		(35,258)
Net income attributable to common stockholders	$	135,374	$	91,646	$	874,211	$	279,525
Denominator
Number of shares used in basic computation	111,765,032		111,376,884		111,693,352		111,308,222
Weighted-average effect of dilutive securities	576,107		427,229		581,083		493,535
Number of shares used in per share computation	112,341,139		111,804,113		112,274,435		111,801,757
Diluted earnings per share	$	1.21	$	0.82	$	7.79	$	2.50