EPS is computed by dividing net income attributable to common shareholders by the weighted average number of shares of Common Stock outstanding during the period. Diluted EPS is computed by dividing net income attributable to the Company by the weighted average number of shares of Common Stock outstanding and the assumed issuance of all potentially dilutive securities. Each issue of potential common shares is evaluated separately in sequence from the most dilutive to the least dilutive. The dilutive effect of share-based payment awards and stock options is calculated using the treasury stock method, which assumes share purchases are calculated using the average share price of the Company’s Common Stock during the applicable period. The Company uses the if-converted method to compute potential common shares exchanged from potentially dilutive Common Units. Under the if-converted method, dilutive Common Units are assumed to be exchanged from the date of the issuance and the resulting shares of Class A Common Stock are included in the denominator of the diluted EPS calculation for the period being presented.


	Year Ended December 31,
	2025		2024		2023

	(In thousands, except per share amounts)
Net income attributable to Class A common shareholders	$	178,260	$	80,014	$	289,442
Less: Net income available to participating unvested restricted Class A common shareholders(1)	(13,223)		(18,829)		(17,406)

Total net income attributable to Class A common shareholders - basic	$	165,037	$	61,185	$	272,036

Net income attributable to Class A Common shareholders - basic	$	165,037	$	61,185	$	272,036
Net income attributable to Common Units limited partners(2)	—		—		97,010
Total net income attributable to Class A common shareholders - diluted	$	165,037	$	61,185	$	369,046

Weighted average shares outstanding - basic	61,962		59,284		51,823
Dilutive effect of unvested Class A common shares(3)	703		831		269
Dilutive effect of exchange of outstanding Common Units(2)	—		—		94,105
Weighted average shares outstanding - diluted	62,665		60,115		146,197

Net income available per common share - basic	$	2.66	$	1.03	$	5.25
Net income available per common share - diluted	$	2.63	$	1.02	$	2.52

(2)The effect of an assumed exchange of outstanding Common Units (and the cancellation of a corresponding number of shares of outstanding Class C Common Stock) would have been anti-dilutive for the years ended December 31, 2025 and 2024.