Earnings per Share (EPS) (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Reconciliation of Net Income and Weighted Average Common Shares Outstanding used in Computations of Basic and Diluted Earnings per Common Share

The following table reconciles the net income and the weighted average common shares outstanding used in the computations of basic and diluted earnings per common share:


	Three Months Ended March 31,
(In thousands, except per share amounts)	2025		2024
Net income	$	175,433	$	181,719

Basic weighted average shares outstanding	102,881		105,697
Dilutive effect of nonvested shares	1,065		1,073
Diluted weighted average shares outstanding	103,946		106,770

Basic earnings per share	$	1.71	$	1.72
Diluted earnings per share	$	1.69	$	1.70

Schedule of Disclosure of Share-based Compensation Arrangements by Share-based Payment Award

Nonvested performance-based share awards are considered contingently issuable for purposes of the EPS calculation. The 2025, 2024 and 2023 performance-based share awards vest based upon our compounded annual book value per share growth percentage and relative total shareholder return during a three-year performance period. The following table summarizes the performance-based shares issuable if the reporting date was the end of the contingency period:


	2025 Performance-Based Grants		2024 Performance-Based Grants		2023 Performance-Based Grants		2022 Performance-Based Grants
Reporting Date	Percent Issuable Relative to Target	As a Percent of Shares Issued	Percent Issuable Relative to Target	As a Percent of Shares Issued	Percent Issuable Relative to Target	As a Percent of Shares Issued	Percent Issuable Relative to Target	As a Percent of Shares Issued
March 31, 2025	200%	100%	103%	51.5%	188%	94%	(1)	(1)
March 31, 2024			179%	89.5%	200%	100%	200%	100%

(1) The 2022 performance based awards vested at 168% relative to target on March 1, 2025.