Earnings Per Share

6 Months Ended

Jun. 30, 2024

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 for the six months ended June 30, 2024 and 2023:


	Three Months Ended				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Numerator:	(in thousands, except share and per share data)
Net income	$	52,228	$	45,682	$	91,244	$	82,496
Denominator:
Basic weighted average shares3	81,791,792		81,439,691		81,339,153		81,263,523
Effect of dilutive shares related to stock based compensation1,3	1,994,430		2,029,890		2,093,715		2,002,200
Effect of dilutive shares related to contingent consideration2 ,3	—		—		94,849		212,775
Diluted weighted average shares3	83,786,222		83,469,581		83,527,717		83,478,498
Earnings per share:
Basic3	$	0.64	$	0.56	$	1.12	$	1.02
Dilutive3	$	0.62	$	0.55	$	1.09	$	0.99
Anti-dilutive shares:
Shares3	437,997		347,370		275,357		263,905
1 Dilutive shares related to stock options, restricted stock, PSUs and Key Employee Awards (Note 12)
2 Dilutive shares related to contingent shares issued to the former owners of BASX (Note 15)
3 Reflects three-for-two stock split effective August 16, 2023.