
	Second Quarter				First Two Quarters
	2025		2024		2025		2024
	(In thousands, except per share amounts)
Net income	$	370,905	$	392,922	$	685,477	$	714,343
Basic weighted-average number of shares outstanding	$	119,600	$	124,721	$	120,116	$	125,358
Assumed conversion of dilutive stock options and awards	80		136		146		242
Diluted weighted-average number of shares outstanding	119,680		124,857		120,262		125,600
Basic earnings per share	$	3.10	$	3.15	$	5.71	$	5.70
Diluted earnings per share	$	3.10	$	3.15	$	5.70	$	5.69

The Company's calculation of weighted-average shares includes the common stock of the Company as well as the exchangeable shares. Exchangeable shares are the economic equivalent of common shares in all material respects. All classes of stock have, in effect, the same economic rights and share equally in undistributed net income. For the first two quarters of 2025 and 2024, 0.1 million and 0.1 million stock options and awards, respectively, were anti-dilutive to earnings per share and therefore have been excluded from the computation of diluted earnings per share.

On March 23, 2022, the Company's board of directors approved a stock repurchase program authorizing up to $1.0 billion of common shares, which was fully utilized during the first quarter of 2024.

Subsequently, the board of directors approved a new repurchase program authorizing up to $3.0 billion in aggregate, including $1.0 billion initially authorized on November 29, 2023, and additional $1.0 billion increases on May 29, 2024 and December 3, 2024. This program does not have an expiration date or require a minimum number of shares to be repurchased. Repurchases may be made on the open market at prevailing prices or through privately negotiated transactions, including under plans pursuant to Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934. The timing and amount of

repurchases will depend on market conditions, trading eligibility, and other factors. As of August 3, 2025, the remaining authorized amount available under the program, excluding commissions and excise taxes was $0.9 billion.

During the first two quarters of 2025 and 2024, 2.5 million and 2.6 million shares, respectively, were repurchased at a total cost including commissions and excise taxes of $715.7 million and $888.9 million, respectively.