EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2025

Basic earnings per common share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share gives effect to the potential dilution that could occur if all outstanding dilutive equity awards to issue shares of common stock were exercised or settled.

The following is a summary of the components of basic and diluted earnings per share (in thousands, except per share amounts):


	Three Months Ended March 31,
	2025		2024
Numerator:
Net income	$	213,466	$	190,270
Denominator:
Weighted average shares – basic	101,245		106,457
Restricted stock units	804		1,112
Stock options	968		995
Weighted average shares – diluted	103,017		108,564
Earnings per common share – basic	$	2.11	$	1.79
Earnings per common share – diluted	$	2.07	$	1.75

The above calculations of weighted average shares exclude 186,988 and 138,521 of anti-dilutive stock options and unvested performance and non-performance restricted stock units ("RSUs") for the three months ended March 31, 2025 and 2024, respectively.

In addition, 173,261 and 155,757 shares relating to our ASR programs (refer to Note 10 - Stockholders' Equity) were also anti-dilutive and excluded from the above for the three months ended March 31, 2025 and 2024, respectively.