The following table sets forth a reconciliation of net income and weighted average shares outstanding used in computing basic and diluted net income per common share: | | | | | | | | | | | | | | | | | | | | | | | 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 | |
(1)Represents dividends paid to unvested Class A Shares, and Class C Shares, RSUs and PSUs. (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. (3)Includes dilutive effect from both RSUs and PSUs on unvested Class A common shares.
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