Company: AXS-PE
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001214816-25-000181
Chunk: 48

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 1
Chunk 48
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 million was recognized.•$13 million of net favorable prior year reserve development on the specialty reserve class primarily due to better than expected loss emergence attributable to the agriculture line of business.

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Table of  ContentsAXIS CAPITAL HOLDINGS LIMITEDNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)7.    EARNINGS PER COMMON SHARE

The following table presents a comparison of earnings per common share and earnings per diluted common share:Three months ended September 30,Nine months ended September 30,  2025202420252024Earnings per common shareNet income$301,864 $180,728 $719,289 $788,153 Less: Preferred share dividends7,563 7,563 22,688 22,688 Net income available to common shareholders$294,301 $173,165 $696,601 $765,465 Weighted average common shares outstanding77,619 83,936 79,037 84,428 Earnings per common share$3.79 $2.06 $8.81 $9.07 Earnings per diluted common shareNet income available to common shareholders$294,301 $173,165 $696,601 $765,465 Weighted average common shares outstanding 77,619 83,936 79,037 84,428     Share-based compensation plans982 1,064 1,053 910 Weighted average diluted common shares outstanding78,601 85,000 80,090 85,338 Earnings per diluted common share$3.74 $2.04 $8.70 $8.97 Weighted average anti-dilutive shares excluded from the dilutive computation42 6 16 253 

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Table of  ContentsAXIS CAPITAL HOLDINGS LIMITEDNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)8.    SHARE-BASED COMPENSATION

Performance Restricted Stock UnitsPerformance Restricted Stock Units granted in 2025 with a market conditionCertain share-settled performance restricted stock units granted in 2025 include a market condition which is the Company’s total shareholder return relative to its peer group ("Relative TSR") over the performance period. Relative TSR is calculated in accordance with the terms of the applicable award agreement. If performance goals are achieved, these awards will cliff vest at the end of a three-year performance period within