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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 following table presents the computation of earnings per share for the periods shown below (in thousands, except share and per share amounts):
| Three months ended September 30, |  |  | Nine months ended September 30, |
| 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Net income | $ | 55,044 |  |  | $ | 45,546 |  |  | $ | 127,932 |  |  | $ | 106,963 |
Less net income attributable to non-controlling interest |  | 41,092 |  |  |  | 36,591 |  |  |  | 97,864 |  |  |  | 85,012 |
Net income attributable to shareholders – basic | $ | 13,952 |  |  | $ | 8,955 |  |  | $ | 30,068 |  |  | $ | 21,951 |
Weighted average shares outstanding – basic |  | 32,001,766 |  |  |  | 25,009,326 |  |  |  | 29,160,140 |  |  |  | 25,447,088 |
Dilutive effect of unvested restricted common stock |  | 219,328 |  |  |  | 203,852 |  |  |  | 264,833 |  |  |  | 97,361 |
Dilutive effect of unvested performance units |  | 471,585 |  |  |  | 255,363 |  |  |  | 457,674 |  |  |  | 165,985 |
Weighted average shares outstanding – diluted |  | 32,692,679 |  |  |  | 25,468,541 |  |  |  | 29,882,647 |  |  |  | 25,710,434 |
Earnings per share |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 0.44 |  |  | $ | 0.36 |  |  | $ | 1.03 |  |  | $ | 0.86 |
Diluted | $ | 0.43 |  |  | $ | 0.35 |  |  | $ | 1.01 |  |  | $ | 0.85 |
The following table presents the common stock share equivalents excluded from the calculation of diluted earnings per share for the periods shown below, as they would have had an antidilutive effect:
| Three months ended September 30, |  |  | Nine months ended September 30, |
| 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Stock options |  | 39,511 |  |  |  | — |  |  |  | 14,869 |  |  |  | — |
Restricted common stock |  | 7,051 |  |  |  | 5 |  |  |  | 27 |  |  |  | 635 |
Performance stock units |  | 48,513 |  |  |  | — |  |  |  | 34,336 |  |  |  | — |
Class B Common Stock |  | 82,021,389 |  |  |  | 82,021,389 |  |  |  | 82,021,389 |  |  |  | 82,021,389 |

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