Earnings Per Share

9 Months Ended

Sep. 30, 2025

10.	Earnings Per Share

Basic earnings per share (“EPS”) excludes dilution and is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity (such as the Company’s dilutive restricted stock units and stock options).

The following is a reconciliation of basic and diluted EPS for the periods presented in the unaudited interim consolidated statements of income:

	Three Months Ended September 30,
(In thousands, except per share data)	2025		2024
Basic EPS:
Weighted average common shares outstanding		52,426		47,172
Net income available to common stockholders	$	54,471	$	38,097
Basic EPS	$	1.04	$	0.81

Diluted EPS:
Weighted average common shares outstanding		52,426		47,172
Dilutive effect of common stock options and restricted stock		217		301
Weighted average common shares and common share equivalents		52,643		47,473
Net income available to common stockholders	$	54,471	$	38,097
Diluted EPS	$	1.03	$	0.80

	Nine Months Ended September 30,
(In thousands, except per share data)	2025		2024
Basic EPS:
Weighted average common shares outstanding		50,100		47,159
Net income available to common stockholders	$	113,726	$	104,636
Basic EPS	$	2.27	$	2.22

Diluted EPS:
Weighted average common shares outstanding		50,100		47,159
Dilutive effect of common stock options and restricted stock		226		251
Weighted average common shares and common share equivalents		50,326		47,410
Net income available to common stockholders	$	113,726	$	104,636
Diluted EPS	$	2.26	$	2.21

There was a nominal number of anti-dilutive stock options and restricted stock outstanding for the nine months ended September 30, 2024, that were not considered in the calculation of diluted EPS.