Computation of Net Earnings per Share

6 Months Ended

Jun. 30, 2024

Computation of Net Earnings per Share

Computation of Net Earnings per Share

Note 7.  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 exercise of stock options and 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				Six months ended
	June 30,				June 30,
	2024		2023		2024		2023
	(in thousands, except per share amounts)
Net income available to common stockholders	$	50,866	$	61,579	$	102,460	$	109,276
Weighted average shares of common stock outstanding used in computing basic income per share		32,598		32,775		32,618		32,759
Incremental options and RSUs		173		414		230		478
Weighted average shares of common stock used in computing diluted net income per share		32,771		33,189		32,848		33,237
Net income per share
Basic	$	1.56	$	1.88	$	3.14	$	3.34
Diluted	$	1.55	$	1.86	$	3.12	$	3.29

Diluted weighted average shares of common stock outstanding does not include 22,983 and 770 common equivalent shares issuable with respect to outstanding equity awards for the three-month periods ended June 30, 2024 and 2023, respectively, or 20,639 and 387 common equivalent shares issuable with respect to outstanding equity awards for the six-month periods ended June 30, 2024 and 2023, respectively, as their effect would have been anti-dilutive.