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EARNINGS PER SHARE | 3 Months Ended
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Mar. 31, 2026
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 table summarizes the calculation of earnings per share under the two-class method:
| Quarter Ended March 31,
| 2026 |  | 2025
(dollars in thousands, except per share amounts) | Class A common stock |  | Class B common stock |  | Consolidated |  | Class A common stock |  | Class B common stock |  | Consolidated
Net income |  |  |  |  | $ | 44,090 |  |  |  |  |  |  | $ | 43,791 |
Basic: |  |  |  |  |  |  |  |  |  |  |
Numerator |  |  |  |  |  |  |  |  |  |  |
Allocation of distributed earnings (cash dividends declared) | $ | 88,110 |  |  | $ | 4,458 |  |  | $ | 92,568 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Allocation of undistributed earnings (losses) | (46,151) |  |  | (2,327) |  |  | (48,478) |  |  | 41,489 |  |  | 2,302 |  |  | 43,791 |
Allocation of distributed and undistributed earnings | $ | 41,959 |  |  | $ | 2,131 |  |  | $ | 44,090 |  |  | $ | 41,489 |  |  | $ | 2,302 |  |  | $ | 43,791 |
Denominator |  |  |  |  |  |  |  |  |  |  |
Basic weighted average common shares outstanding | 221,047,803 |  |  | 1,114,448 |  |  | 222,162,251 |  |  | 200,884,880 |  |  | 1,114,448 |  |  | 201,999,328 |
Basic earnings per share (1) | $ | 0.19 |  |  | $ | 1.91 |  |  | $ | 0.20 |  |  | $ | 0.21 |  |  | $ | 2.07 |  |  | $ | 0.22 |
Diluted: |  |  |  |  |  |  |  |  |  |  |
Numerator |  |  |  |  |  |  |  |  |  |  |
Allocation of distributed and undistributed earnings | $ | 41,959 |  |  | $ | 2,131 |  |  | $ | 44,090 |  |  | $ | 41,489 |  |  | $ | 2,302 |  |  | $ | 43,791 |
Denominator |  |  |  |  |  |  |  |  |  |  |
Basic weighted average common shares outstanding | 221,047,803 |  |  | 1,114,448 |  |  | 222,162,251 |  |  | 200,884,880 |  |  | 1,114,448 |  |  | 201,999,328 |
Dilutive effect of unvested RSUs or PSUs (2) | 155,490 |  |  | — |  |  | 155,490 |  |  | 59,420 |  |  | — |  |  | 59,420 |
Diluted weighted average common shares outstanding | 221,203,293 |  |  | 1,114,448 |  |  | 222,317,741 |  |  | 200,944,300 |  |  | 1,114,448 |  |  | 202,058,748 |
Diluted earnings per share (1) | $ | 0.19 |  |  | $ | 1.91 |  |  | $ | 0.20 |  |  | $ | 0.21 |  |  | $ | 2.07 |  |  | $ | 0.22 |
(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)No RSUs or PSUs were antidilutive for the quarter ended March 31, 2026 and 2025.

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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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