EARNINGS PER SHARE

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Numerator:
Net income	$	201,441	$	251,126	$	608,484	$	640,856
Denominator:
Weighted average shares – basic	98,439		104,132		99,731		105,359
Restricted stock units	719		877		748		970
Stock options	890		1,080		898		1,032
Weighted average shares – diluted	100,048		106,089		101,377		$	107,361
Earnings per common share – basic	$	2.05	$	2.41	$	6.10	$	6.08
Earnings per common share – diluted	$	2.01	$	2.37	$	6.00	$	5.97

The above calculations of weighted average shares exclude 239,843 and 225,112 of anti-dilutive stock options and unvested performance and non-performance restricted stock units ("RSUs") for the three and nine months ended September 30, 2025, respectively, and 128,700 and 113,664 of anti-dilutive stock options and unvested performance and non-performance RSUs for the three and nine months ended September 30, 2024, respectively.

In addition, 336,935 shares relating to our accelerated share repurchase ("ASR") programs (refer to Note 10 - Stockholders' Equity) were also anti-dilutive and excluded from the above for the nine months ended September 30, 2025. There were no shares relating to our ASR programs excluded from the above for the three months ended September 30, 2025. For the three and nine months ended September 30, 2024, respectively, 145,201 shares relating to our ASR programs were also anti-dilutive and excluded from the above.