Earnings per Share (EPS)

6 Months Ended

Jun. 30, 2025

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 June 30,				Six Months Ended June 30,
(In thousands, except per share amounts)	2025		2024		2025		2024
Net income	$	195,339	$	203,609	$	370,772	$	385,328

Basic weighted average shares outstanding	100,037		105,657		101,451		105,677
Dilutive effect of nonvested shares	1,022		1,121		1,044		1,097
Diluted weighted average shares outstanding	101,059		106,778		102,495		106,774

Basic earnings per share	$	1.95	$	1.93	$	3.65	$	3.65
Diluted earnings per share	$	1.93	$	1.91	$	3.62	$	3.61

There were 24,270 and 37,219 antidilutive shares for the three months ended June 30, 2025 and 2024, respectively, and 68,254 and 102,475 antidilutive shares for the six months ended June 30, 2025 and 2024, respectively

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
June 30, 2025	200%	100%	128%	64%	195%	97.5%	(1)	(1)
June 30, 2024			190%	95%	200%	100%	200%	100%

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