Earnings Per Common Share

3 Months Ended

Mar. 31, 2026

10. 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
	March 31,
($ in thousands, except per share data)	2026		2025
Numerator:
Net income to common shareholders	$	47,422	$	119,504
Net income allocated to participating securities - basic and diluted		159		521
Net income allocated to common shareholders - basic and diluted	$	47,263	$	118,983
Denominator:
Weighted-average common shares - basic		81,674		86,092
Dilutive potential common shares		587		370
Weighted-average common shares - diluted		82,261		86,462
Earnings per common share:
Basic	$	0.58	$	1.38
Diluted	$	0.57	$	1.38

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 7,201 for the three months ended March 31, 2026, and 3,188 for the three months ended March 31, 2025, and were excluded from the calculation of diluted earnings per share for the respective periods.