Weighted Average Common Shares

6 Months Ended

Jun. 30, 2024

12. WEIGHTED AVERAGE COMMON SHARES

Basic net income per share is calculated by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net income by the weighted average number of shares assuming dilution. Dilutive common shares outstanding is computed using the Treasury Stock Method and reflects the additional shares that would be outstanding if dilutive stock options were exercised and restricted stock units were settled for common shares during the period.

The weighted average number of common shares used to compute basic and diluted net income per share for the quarters and years to date ended June 30, 2024 and 2023 were as follows (shares in thousands):


	For the Quarter Ended June 30,				For the Year to Date Ended June 30,
	2024		2023		2024		2023
Basic common shares outstanding		65,611		67,421		65,583		67,328
Common stock equivalents		1,466		1,112		1,373		1,184
Diluted common shares outstanding		67,077		68,533		66,956		68,512

For the quarters and years to date ended June 30, 2024 and 2023, certain unexercised stock option awards are excluded from our computations of diluted earnings per share, as these shares were out-of-the-money and their effect would have been anti-dilutive. The anti-dilutive options that were excluded from our computations of diluted earnings per share were less than 0.1 million shares and approximately 0.3 million shares, respectively, for the quarters ended June 30, 2024 and 2023, and less than 0.1 million shares and approximately 0.3 million shares, respectively, for the years to date ended June 30, 2024 and 2023.