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EARNINGS PER SHARE | 9 Months Ended
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Sep. 30, 2025
Earnings Per Share [Abstract] |
EARNINGS PER SHARE | EARNINGS PER SHARE The Company has two classes of common stock and, as such applies the “two-class method” of computing earnings per share in accordance with ASC 260, “Earnings Per Share.” Earnings are allocated in the same manner as dividends would be distributed. The Company’s common shareholders are entitled to equally share in all dividends and distributions based on such shareholders’ pro rata ownership interest in the Company, except that each share of Class B common stock is treated as if such share had been converted into ten Class A Shares for purposes of calculating the economic rights of the Class B Shares, including upon liquidation of the Company or the declaration of dividends or distributions by the Company. The following tables summarize the calculation of earnings per share under the two-class method:
| Quarter Ended September 30, |  | Quarter Ended September 30,
| 2025 |  |  |  | 2024 |  |
(in thousands, except share and per share data) | Class A common stock |  | Class B common stock |  | Consolidated |  | Class A common stock |  | Class B common stock |  | Consolidated
Net income |  |  |  |  | $55,161 |  |  |  |  |  | $39,944
Basic: |  |  |  |  |  |  |  |  |  |  |
Numerator |  |  |  |  |  |  |  |  |  |  |
Allocation of distributed earnings (cash dividends declared) | $— |  | $— |  | $— |  | $28,419 |  | $1,577 |  | $29,996
Allocation of undistributed earnings | 52,345 |  | 2,816 |  | 55,161 |  | 9,425 |  | 523 |  | 9,948
Allocation of distributed and undistributed earnings | $52,345 |  | $2,816 |  | $55,161 |  | $37,844 |  | $2,100 |  | $39,944
Denominator |  |  |  |  |  |  |  |  |  |  |
Basic weighted average common shares outstanding | 207,189,764 |  | 1,114,448 |  | 208,304,212 |  | 200,884,880 |  | 1,114,448 |  | 201,999,328
Basic earnings per share (1) | $0.25 |  | $2.53 |  | $0.26 |  | $0.19 |  | $1.88 |  | $0.20
Diluted: |  |  |  |  |  |  |  |  |  |  |
Numerator |  |  |  |  |  |  |  |  |  |  |
Allocation of distributed and undistributed earnings | $52,345 |  | $2,816 |  | $55,161 |  | $37,844 |  | $2,100 |  | $39,944
Denominator |  |  |  |  |  |  |  |  |  |  |
Basic weighted average common shares outstanding | 207,189,764 |  | 1,114,448 |  | 208,304,212 |  | 200,884,880 |  | 1,114,448 |  | 201,999,328
Dilutive effect of unvested restricted stock units | 68,914 |  | — |  | 68,914 |  | 92,431 |  | — |  | 92,431
Diluted weighted average common shares outstanding | 207,258,678 |  | 1,114,448 |  | 208,373,126 |  | 200,977,311 |  | 1,114,448 |  | 202,091,759
Diluted earnings per share (1) | $0.25 |  | $2.53 |  | $0.26 |  | $0.19 |  | $1.88 |  | $0.20
(1) Periods prior to September 2, 2025 have been restated as a result of the adjustment to common shares outstanding based on the exchange ratio from the Merger of 3,301.0920 for Class A common stock and 330.1092 for Class B common stock.
| Nine Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024
(in thousands, except share and per share data) | Class A common stock |  | Class B common stock |  | Consolidated |  | Class A common stock |  | Class B common stock |  | Consolidated
Net income (loss) |  |  |  |  | $141,437 |  |  |  |  |  | $(22,664)
Basic: |  |  |  |  |  |  |  |  |  |  |
Numerator |  |  |  |  |  |  |  |  |  |  |
Allocation of distributed earnings (cash dividends declared) | $— |  | $— |  | $— |  | $89,999 |  | $4,993 |  | $94,992
Allocation of undistributed earnings (losses) | 134,077 |  | 7,360 |  | 141,437 |  | (111,472) |  | (6,184) |  | (117,656)
Allocation of distributed and undistributed earnings (losses) | $134,077 |  | $7,360 |  | $141,437 |  | $(21,473) |  | $(1,191) |  | $(22,664)
Denominator |  |  |  |  |  |  |  |  |  |  |
Basic weighted average common shares outstanding | 203,012,384 |  | 1,114,448 |  | 204,126,832 |  | 200,876,688 |  | 1,114,448 |  | 201,991,136
Basic earnings (loss) per share (1) | $0.66 |  | $6.60 |  | $0.69 |  | $(0.11) |  | $(1.07) |  | $(0.11)
Diluted: |  |  |  |  |  |  |  |  |  |  |
Numerator |  |  |  |  |  |  |  |  |  |  |
Allocation of distributed and undistributed earnings (losses) | $134,077 |  | $7,360 |  | $141,437 |  | $(21,473) |  | $(1,191) |  | $(22,664)
Denominator |  |  |  |  |  |  |  |  |  |  |
Basic weighted average common shares outstanding | 203,012,384 |  | 1,114,448 |  | 204,126,832 |  | 200,876,688 |  | 1,114,448 |  | 201,991,136
Dilutive effect of unvested restricted stock units (2) | 62,619 |  | — |  | 62,619 |  | — |  | — |  | —
Diluted weighted average common shares outstanding | 203,075,003 |  | 1,114,448 |  | 204,189,451 |  | 200,876,688 |  | 1,114,448 |  | 201,991,136
Diluted earnings per share (1) | $0.66 |  | $6.60 |  | $0.69 |  | $(0.11) |  | $(1.07) |  | $(0.11)
(1) Periods prior to September 2, 2025 have been restated as a result of the adjustment to common shares outstanding based on the exchange ratio from the Merger of 3,301.0920 for Class A common stock and 330.1092 for Class B common stock. (2) Excluded from the computation of diluted earnings per share (due to their antidilutive effect) for the nine months ended September 30, 2024 were certain unvested RSUs. On a weighted average basis, 112,237 unvested RSUs were excluded because their effect would have been anti-dilutive.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-3 + Details
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