Earnings Per Share Reconciliation

9 Months Ended

Sep. 30, 2025

7. EARNINGS PER SHARE RECONCILIATION

Basic earnings per common share are computed by dividing income allocated to common stockholders by the weighted-average number of common shares outstanding during each period. The computation of diluted earnings per common share considers the number of shares issuable upon the assumed exercise of outstanding common stock options. Antidilutive common shares are not included in the calculation of diluted earnings per common share. For the three and nine months ended September 30, 2025, shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share, were 505,000 and 701,000, respectively. For the three and nine months ended September 30, 2024, shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share, were 778,000 and 1,210,000, respectively.

The table below shows earnings per common share and diluted earnings per common share and reconciles the numerator and denominator of both earnings per common share calculations.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(In thousands, except per share amounts)
Earnings per common share:
Net earnings	$	52,586	$	51,224	$	154,254	$	149,858
Less: Net earnings allocated to restricted stock		344		377		1,020		1,075
Net earnings allocated to common shareholders	$	52,242	$	50,847	$	153,234	$	148,783
Weighted average shares outstanding		136,831		138,650		137,266		138,415
Basic earnings per common share	$	0.38	$	0.37	$	1.12	$	1.07

Diluted earnings per common share:
Net income allocated to common shareholders	$	52,242	$	50,847	$	153,234	$	148,783
Weighted average shares outstanding		136,831		138,650		137,266		138,415
Incremental shares from assumed exercise of outstanding options		322		189		277		134
Diluted weighted average shares outstanding		137,153		138,839		137,543		138,549
Diluted earnings per common share	$	0.38	$	0.37	$	1.11	$	1.07