Net Income Per Common Share

6 Months Ended

Jun. 30, 2025

Net Income Per Common Share

Net Income Per Common Share

(5) Net Income Per Common Share

Basic net income per common share (“Basic EPS”) excludes dilution and is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per common share (“Diluted EPS”) reflects the potential dilution that could occur if stock options or other contracts to issue common stock were exercised or converted into common stock. The computation of Diluted EPS does not assume exercise or conversion of securities that would have an anti-dilutive effect on net income per common share. During the six months

ended June 30, 2025 and 2024, 216,000 and 400,000 performance shares (at target performance) were excluded from the computation of Diluted EPS because the Company had not achieved the minimum target thresholds for these shares as of June 30, 2025 and 2024, respectively.

The calculation of the weighted average number of common shares outstanding for Basic EPS and Diluted EPS are as follows for the periods indicated (in thousands, except per share data):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Numerator:
Net income	$	120,269	$	75,578	$	220,820	$	135,876
Denominator:
Basic earnings per share weighted average shares		40,416		40,179		40,453		40,239
Dilution due to employee equity awards and warrants		935		1,252		1,022		1,223
Diluted earnings per share weighted average shares		41,351		41,431		41,475		41,462
Basic earnings per share	$	2.98	$	1.88	$	5.46	$	3.38
Diluted earnings per share	$	2.91	$	1.82	$	5.32	$	3.28