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EARNINGS PER SHARE
 3 Months Ended
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,
20262025
(dollars in thousands, except per share amounts)Class A common stockClass B common stockConsolidatedClass A common stockClass B common stockConsolidated
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 outstanding221,047,803 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 outstanding221,047,803 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 outstanding221,203,293 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.