Earnings per share ("EPS") is calculated under the two-class method. Under the two-class method, all earnings (distributed and undistributed) are allocated to common stock and participating securities. The Company grants restricted stock awards to certain employees under its share-based compensation program, which entitle recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to the dividends paid to holders of common stock. These unvested restricted stock awards meet the definition of participating securities based on their respective rights to receive nonforfeitable dividends.

Diluted EPS incorporates the potential impact of contingently issuable shares. Diluted EPS is calculated under both the two-class and treasury stock methods, and the more dilutive amount is reported. Performance stock units ("PSUs") and

unvested restricted stock awards are contingently issuable common shares and are included in diluted EPS if the effect is dilutive.

The following table presents the calculation of basic and diluted EPS (in thousands, except per share amounts):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Basic earnings per share
Net income attributable to the Company	$	75,428		$	16,198		$	86,976		$	20,992
Less: Earnings allocable to unvested restricted stock		(1,161	)		(333	)		(1,345	)		(852	)
Net income attributable to common shareholders		74,267			15,865			85,631			20,140
Weighted-average basic shares outstanding		30,406			30,756			30,427			31,149
Net income per share attributable to common shareholders	$	2.44		$	0.52		$	2.81		$	0.65

Diluted earnings per share (1)
Net income attributable to common shareholders	$	74,267		$	15,865		$	85,631		$	20,140
Dilutive impact of unvested restricted stock		214			—			—			—
Net income attributable to common shareholders, net of dilutive impact		74,481			15,865			85,631			20,140
Weighted-average diluted shares outstanding		31,313			30,756			30,851			31,151
Net income per share attributable to common shareholders	$	2.38		$	0.52		$	2.78		$	0.65

(1)

For the three and nine months ended September 30, 2025, the computation of diluted EPS includes contingently issuable shares related to PSUs calculated under the treasury stock method. For the three months ended September 30, 2025, the computation of diluted EPS includes contingently issuable shares related to unvested restricted stock awards calculated under the treasury stock method. For the nine months ended September 30, 2025, the computation of diluted EPS does not include contingently issuable shares related to unvested restricted stock awards due to their anti-dilutive nature. For the nine months ended September 30, 2025, had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 30,987,521, including 136,493 contingently issuable shares related to unvested restricted stock awards. For the three and nine months ended September 30, 2024, the computation of diluted EPS includes contingently issuable shares related to PSUs calculated under the treasury stock method. For the three and nine months ended September 30, 2024, the computation of diluted EPS does not include contingently issuable shares related to unvested restricted stock awards due to their anti-dilutive nature. For the three and nine months ended September 30, 2024, had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 30,939,827 and 31,223,748, respectively, including 183,851 and 72,521, respectively, contingently issuable shares related to unvested restricted stock awards.