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Earnings Per Share

9 Months Ended

Sep. 30, 2025

Earnings Per Share

Earnings Per Share

Note 13 Earnings Per Share

The Company calculates earnings per share under the two-class method, as certain non-vested share awards contain non-forfeitable rights to dividends. As such, these awards are considered securities that participate in the earnings of the Company. Non-vested shares are discussed further in note 11.

The Company had 37,815,589 and 37,988,364 shares of Class A common stock outstanding as of September 30, 2025 and 2024, respectively, exclusive of issued non-vested restricted shares. Certain stock options and non-vested restricted shares are potentially dilutive securities, but are not included in the calculation of diluted earnings per share because to do so would have been anti-dilutive for the three and nine months ended September 30, 2025 and 2024.

The following table illustrates the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2025 and 2024:


		For the three months ended						For the nine months ended
		September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Net income		$	35,285		$	33,105		$	93,538		$	90,631
Less: income allocated to participating securities			(307)			(89)			(796)			(242)
Income allocated to common shareholders		$	34,978		$	33,016		$	92,742		$	90,389
Weighted average shares outstanding for basic earnings per common share			37,911,643			38,277,042			38,018,090			38,173,469
Dilutive effect of equity awards			122,830			218,049			124,210			194,542
Weighted average shares outstanding for diluted earnings per common share			38,034,473			38,495,091			38,142,300			38,368,011
Basic earnings per share		$	0.92		$	0.86		$	2.44		$	2.37
Diluted earnings per share			0.92			0.86			2.43			2.36

The Company had 546,546 and 625,115 outstanding stock options to purchase common stock at weighted average exercise prices of $32.96 and $32.60 per share at September 30, 2025 and 2024, respectively, which have time-vesting criteria. As such, any dilution is derived only for the timeframe in which the vesting criteria had been met and where the inclusion of those stock options is dilutive. The Company had 216,245 and 200,400 unvested PSUs issued as of September 30, 2025 and 2024, respectively, which have performance, market and/or time-vesting criteria, and as such, any dilution is derived only for the timeframe in which the vesting criteria had been met and where the inclusion of those units is dilutive.