Earnings per Share (EPS)

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
(In thousands, except per share amounts)	2025		2024		2025		2024
Net income	$	164,215	$	176,175	$	534,987	$	561,503

Basic weighted average shares outstanding	97,400		105,266		100,086		105,539
Dilutive effect of nonvested shares	1,119		1,288		1,069		1,161
Diluted weighted average shares outstanding	98,519		106,554		101,155		106,700

Basic earnings per share	$	1.69	$	1.67	$	5.35	$	5.32
Diluted earnings per share	$	1.67	$	1.65	$	5.29	$	5.26

There were 5,847 and 2,842 antidilutive shares for the three months ended September 30, 2025 and 2024, respectively, and 47,223 and 69,021 antidilutive shares for the nine months ended September 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
September 30, 2025	200%	100%	134%	67%	197%	98.5%	(1)	(1)
September 30, 2024			181%	90.5%	200%	100%	200%	100%

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