Weighted Average Common Shares

9 Months Ended

Sep. 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 September 30, 2024 and 2023 were as follows (shares in thousands):


	For the Quarter Ended September 30,				For the Year to Date Ended September 30,
	2024		2023		2024		2023
Basic common shares outstanding		65,699		65,634		65,622		66,758
Common stock equivalents		1,613		1,469		1,488		1,314
Diluted common shares outstanding		67,312		67,103		67,110		68,072

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. For each of the years to date ended September 30, 2024 and 2023, the anti-dilutive options that were excluded from our computations of diluted earnings per share were less than 0.1 million shares. For the quarter ended September 30, 2023 less than 0.1 million shares of anti-dilutive options were excluded from our computation of diluted earnings per share. There were no anti-dilutive options for the quarter ended September 30, 2024.