Earnings Per Share

12 Months Ended

Dec. 31, 2025

Note 3— Earnings Per Share

The Company calculates earnings per share in accordance with ASC 260, Earnings Per Share. Basic earnings per share is computed by dividing income available to common shareholders by the weighted average common shares outstanding during the period. Diluted earnings per share is calculated under the treasury stock method and takes into account the potential dilution that could occur if securities, including stock options and RSUs or other contracts to issue common stock were exercised and converted into common stock.

The calculation of weighted-average common shares outstanding during each respective period includes activity related to share repurchases made under the Company’s share repurchase programs, as discussed further in Note 11, “Shareholders’ Equity”.

The following tables show the Company’s earnings per share for the periods presented:


	Year ended December 31,
	2025		2024		2023
	(Dollars in thousands except per share data)
Net income	$	228,213	$	217,540	$	192,296
Weighted average shares - basic		45,770,549		50,063,620		54,506,065
Effect of dilutive securities:
Common stock options and RSUs		651,123		649,520		547,432
Weighted average shares - diluted		46,421,672		50,713,140		55,053,497

Basic and diluted earnings per share:
Net income per share - basic	$	4.99	$	4.35	$	3.52
Effect of dilutive securities:
Common stock options and RSUs		(0.07)		(0.06)		(0.03)
Net income per share - diluted	$	4.92	$	4.29	$	3.49

Included in the computation of diluted shares:
Stock options with exercise price below average market price
Share count		368,293		565,104		465,104
Minimum exercise price	$	8.57	$	6.87	$	6.87
Maximum exercise price	$	43.89	$	30.32	$	18.81

Excluded from the computation of diluted shares: Antidilutive securities
Outstanding stock-based compensation awards		32,624		103,189		157,573