Earnings per Share

9 Months Ended

Sep. 30, 2025

3. EARNINGS PER SHARE

Earnings per share is computed as follows:


	For the Three Months Ended September 30,
	2025						2024
	Net Income		Shares		Per Share Amount		Net Income		Shares		Per Share Amount
	(In thousands, except per share amounts)
Basic earnings per share	$	89,325		55,032	$	1.62	$	119,677		57,292	$	2.09
Effect of dilutive incentive-based awards				441						371
Diluted earnings per share	$	89,325		55,473	$	1.61	$	119,677		57,663	$	2.08


	For the Nine Months Ended September 30,
	2025						2024
	Net Income		Shares		Per Share Amount		Net Income		Shares		Per Share Amount
	(In thousands, except per share amounts)
Basic earnings per share	$	153,300		55,014	$	2.79	$	199,600		61,052	$	3.27
Effect of dilutive incentive-based awards				434						480
Diluted earnings per share	$	153,300		55,448	$	2.76	$	199,600		61,532	$	3.24

Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period (excluding treasury stock and unvested restricted stock awards). Unvested restricted stock awards are eligible to receive dividends, if any; however, dividend rights will be forfeited if the award does not vest. Accordingly, only vested shares of formerly restricted stock are included in the calculation of basic earnings per share. The weighted average number of repurchased shares during the period, if any, which are held as treasury stock, are excluded from shares of common stock outstanding.

Diluted earnings per share is determined using the treasury stock method based on the dilutive effect of unvested restricted stock awards and certain shares of common stock that are issuable upon exercise of stock options. During the three and nine months ended September 30, 2025, there were approximately 730,000 and 691,000 anti-dilutive shares excluded from the computation of diluted earnings per share, respectively. During the three and nine months ended September 30, 2024, there were approximately 482,000 and 503,000 anti-dilutive shares excluded from the computation of diluted earnings per share, respectively. The Company’s outstanding performance-vesting restricted awards of approximately 374,000 and 601,000 as of September 30, 2025 and 2024, respectively, are considered contingently issuable shares and are excluded from the calculation of diluted earnings per share until the performance measure criteria is met as of the end of the reporting period.