XML 26 R15.htm IDEA: XBRL DOCUMENT v3.25.3
Net Income Per Common Share
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Net Income Per Common Share
Note 7 - Net Income Per Common Share
The following table displays a reconciliation of the information used in calculating basic and diluted net income per common share for the three and nine months ended September 30, 2025 and 2024.
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands, except per share data)2025202420252024
Basic Net Income Per Common Share:
Net income available to common shareholders$185,590 $169,628 $575,601 $260,709 
Weighted average common shares outstanding138,803 143,144 139,452 145,039 
Net income per common share, basic$1.34 $1.19 $4.13 $1.80 
Diluted Net Income Per Common Share:
Net income available to common shareholders$185,590 $169,628 $575,601 $260,709 
Weighted average common shares outstanding138,803 143,144 139,452 145,039 
Effect of dilutive outstanding equity-based awards809 835 837 679 
Weighted average diluted common shares139,612 143,979 140,289 145,718 
Net income per common share, diluted$1.33 $1.18 $4.10 $1.79 
Diluted net income per common share incorporates the potential impact of contingently issuable shares such as those related to outstanding stock options, restricted share units (RSUs), and performance share units (PSUs), including awards which require future service and meeting certain performance and market metrics as a condition of delivery of the underlying common stock. During periods where the effect of these instruments is antidilutive, meaning their inclusion would increase earnings per share, they are excluded from the calculation.
For both the three and nine months ended September 30, 2025, there were approximately 9 thousand shares related to RSUs and PSUs that were excluded from the diluted EPS calculation because they were antidilutive. These shares primarily relate to unvested PSUs where the performance conditions were not met or not probable of being met. There were no shares excluded for the same periods related to stock options that would have been antidilutive.
For both the three and nine months ended September 30, 2024, there were 21 thousand shares excluded from the diluted EPS calculation related to stock options as they would have been antidilutive, due to the exercise prices exceeding the average market price. For the same periods, there were no shares excluded related to RSUs and PSUs that would have been antidilutive.