EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Earnings Per Share, Basic and Diluted

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.