Earnings Per Share

9 Months Ended

Sep. 30, 2025

NOTE 13. EARNINGS PER SHARE

Basic earnings per share of Company Common Stock is calculated by dividing the net income attributable to the Company during the period by the weighted average number of shares of Company Common Stock outstanding during the same period. Diluted earnings per share, if dilutive, includes the incremental effect of issuable shares from stock awards, as determined using the treasury stock method.

As a result of the Merger, as discussed in Note 1. Summary of Business, all historical per share data, number of shares and numbers of issuable shares from stock awards were retroactively adjusted. The following table summarizes the basic and diluted earnings per share calculations:


	Three months ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Numerator:
Net income (in thousands)	$	39,228	$	82,586	$	69,330	$	108,537
Denominator:
Basic weighted average number of shares outstanding		68,814,125		40,728,902		69,014,146		34,139,548
Dilutive effect of equity awards		451,175		802,076		290,924		1,150,144
Diluted weighted average number of shares		69,265,300		41,530,978		69,305,070		35,289,692
Income per share:
Basic	$	0.57	$	2.03	$	1.00	$	3.18
Diluted	$	0.57	$	1.99	$	1.00	$	3.08
Potentially dilutive shares excluded as anti-dilutive		6,490		65,850		12,715		85,649