Earnings Per Share

12 Months Ended

Dec. 31, 2023

Basic net income per share is calculated by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted net income per share assumes the conversion of all potentially dilutive securities and is calculated by dividing net income by the sum of the weighted average number of shares of common stock outstanding plus all potentially dilutive securities. Dilutive common shares consist primarily of stock options and restricted stock awards.

The following table sets forth the computation of basic and diluted earnings per share:


	2023		2022		2021
Numerator:	(in thousands, except share and per share data)
Net income	$	177,623	$	100,376	$	58,758
Denominator:
Basic weighted average shares3	81,156,114		79,582,480		78,606,298
Effect of dilutive shares related to stock based compensation1, 3	1,972,380		1,264,175		1,952,547
Effect of dilutive shares related contingent consideration2, 3	166,796		298,955		34,639
Diluted weighted average shares3	83,295,290		81,145,610		80,593,484
Earnings per share:
Basic3	$	2.19	$	1.26	$	0.75
Dilutive3	$	2.13	$	1.24	$	0.73
Anti-dilutive shares:
Shares3	314,108		908,221		456,045
1 Dilutive shares related to stock options, restricted stock, PSUs and Key Employee Awards (Note 14)
2 Dilutive shares related to contingent shares issued to former owners of BASX (Note 4)
3 Reflects three-for-two stock split effective August 16, 2023.