Earnings Per Common Share

9 Months Ended

Sep. 30, 2025

11. Earnings Per Common Share

The Company calculates earnings per common share using the two-class method. The two-class method allocates net income to each class of common stock and participating security according to common dividends declared and participation rights in undistributed earnings. Participating securities consist of nonvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents.

A summary of the information used in the computation of earnings per common share follows.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
($ in thousands, except per share data)	2025		2024		2025		2024
Numerator:
Net income to common shareholders	$	127,466	$	115,572	$	360,501	$	338,741
Net income allocated to participating securities - basic and diluted		552		772		1,559		2,366
Net income allocated to common shareholders - basic and diluted	$	126,914	$	114,800	$	358,942	$	336,375
Denominator:
Weighted-average common shares - basic		84,871		86,234	$	85,509	$	86,421
Dilutive potential common shares		582		326		468		229
Weighted-average common shares - diluted		85,453		86,560	$	85,977	$	86,650
Earnings per common share:
Basic	$	1.50	$	1.33	$	4.20	$	3.89
Diluted	$	1.49	$	1.33	$	4.17	$	3.88

Potential common shares consist of nonvested performance-based awards, nonvested restricted stock units, and restricted share awards deferred under the Company’s nonqualified deferred compensation plan. These potential common shares do not enter into the calculation of diluted earnings per share if the impact would be antidilutive, i.e., increase earnings per share or reduce a loss per share. The weighted average of potentially dilutive common shares that were anti-dilutive totaled 5,411 and 4,092 for the three and nine months ended September 30, 2025, and 10,390 and 13,940 for the three and nine months ended September 30, 2024, and were excluded from the calculation of diluted earnings per share for the respective periods.