Earnings Per Share

12 Months Ended

Dec. 31, 2025

Note 16. Earnings Per Share

The Company calculates earnings per 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.


	Years Ended December 31,
($ in thousands, except per share data)	2025		2024		2023
Numerator:
Net income to common shareholders	$	486,073	$	460,815	$	392,602
Net income or dividends allocated to participating securities - basic and diluted		2,042		3,027		4,014
Net income allocated to common shareholders - basic and diluted	$	484,031	$	457,788	$	388,588
Denominator:
Weighted-average common shares - basic		84,905		86,346		86,130
Dilutive potential common shares		535		302		293
Weighted-average common shares - diluted		85,440		86,648		86,423
Earnings per common share:
Basic	$	5.70	$	5.30	$	4.51
Diluted	$	5.67	$	5.28	$	4.50

Potential common shares consist of stock options, nonvested performance-based awards, nonvested restricted stock units, and nonvested 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 5,394, 16,338 and 100,391 for the years ended December 31, 2025, 2024 and 2023, respectively, and were excluded from the calculation of diluted earnings per common diluted share for the respective periods.