Earnings per share

9 Months Ended

Sep. 30, 2025

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