Computation of Net Earnings per Share

6 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

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 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,
	2025		2024		2025		2024
	(in thousands, except per share amounts)
Net income available to common stockholders	$	31,376	$	50,866	$	59,955	$	102,460
Weighted average shares of common stock outstanding used in computing basic income per share		31,847		32,598		32,051		32,618
Incremental RSUs		35		173		52		230
Weighted average shares of common stock used in computing diluted net income per share		31,882		32,771		32,103		32,848
Net income per share
Basic	$	0.99	$	1.56	$	1.87	$	3.14
Diluted	$	0.98	$	1.55	$	1.87	$	3.12

Diluted weighted average shares of common stock outstanding does not include 509,998 and 22,983 common equivalent shares issuable with respect to outstanding equity awards for the three-month periods ended June 30, 2025 and 2024, respectively, or 411,238 and 20,639 common equivalent shares issuable with respect to outstanding equity awards for the six-month periods ended June 30, 2025 and 2024, respectively, as their effect would have been anti-dilutive.