Computation of Net Earnings per Share

3 Months Ended

Mar. 31, 2026

Computation of Net Earnings per Share

Computation of Net Earnings per Share

Note 6.  Computation of Net Earnings per Share

Basic earnings per share is computed by dividing income available to common stockholders (the numerator) by the weighted-average number of shares of common stock outstanding (the denominator) for the period. The computation of diluted earnings per share is similar to basic earnings per share, except that the denominator is increased by the number of additional shares of common stock that would have been outstanding if the potentially dilutive shares of common stock issuable on vesting of RSUs had been issued, calculated using the treasury stock method.

The components of net earnings per share are as follows:

	Three months ended
	March 31,
	2026		2025
	(in thousands, except per share amounts)
Net income available to common stockholders	$	9,214	$	28,579
Weighted average shares of common stock outstanding used in computing basic income per share		30,723		32,258
Incremental RSUs		257		77
Weighted average shares of common stock used in computing diluted net income per share		30,980		32,335
Net income per share
Basic	$	0.30	$	0.89
Diluted	$	0.30	$	0.88

Diluted weighted average shares of common stock outstanding does not include 15,643 and 325,364 common equivalent shares issuable with respect to outstanding equity awards for the three-month periods ended March 31, 2026 and 2025, respectively, as their effect would have been anti-dilutive.