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Quarterly report [Sections 13 or 15(d)]

Earnings Per Share

v3.25.2
Earnings Per Share
6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]
Earnings Per Share Earnings Per Share
Basic earnings per share (“EPS”) is computed based on the weighted average number of shares outstanding during the period. Diluted EPS is computed based upon the weighted average number of shares outstanding during the period plus unvested RSAs and other nonvested awards granted pursuant to our incentive and equity compensation plans. The computation of diluted EPS reflects the potential dilution that could occur if all outstanding awards under the incentive and equity compensation plans were converted into shares of Common Stock or resulted in the issuance of shares of Common Stock that would then share in the earnings of the Company. The number of dilutive securities is computed using the treasury stock method.
The following table sets forth the computation of basic and diluted EPS for the three and six months ended June30, 2025 and 2024 (in thousands, except number of shares and per share data):
Three Months Ended
June 30,
Six Months Ended
June 30,
2025 2024 2025 2024
Net income $ 116,140 $ 114,589 $ 236,792 $ 229,006
Basic earnings per share:
Weighted average shares outstanding for basic earnings per share 22,987,326 22,987,971 22,984,029 22,995,486
Basic earnings per share $ 5.05 $ 4.99 $ 10.30 $ 9.96
Diluted earnings per share:
Weighted average shares outstanding for basic earnings per share 22,987,326 22,987,971 22,984,029 22,995,486
Effect of dilutive securities:
Incentive and equity compensation plans 26,254 25,822 24,925 22,827
Weighted average shares outstanding for diluted earnings per share 23,013,580 23,013,793 23,008,954 23,018,313
Diluted earnings per share $ 5.05 $ 4.98 $ 10.29 $ 9.95
Restricted stock, if any, is included in the number of shares of Common Stock issued and outstanding, but omitted from the basic EPS calculation until the shares of restricted stock vest. Certain stock awards granted are not included in the dilutive securities in the table above as they were anti-dilutive for the three and six months ended June30, 2025. There were no anti-dilutive securities for the three and six months ended June 30, 2024.