Earnings Per Share

3 Months Ended

Mar. 31, 2025

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 three months ended March 31, 2025 and 2024:


	Three Months Ended
		March 31, 2025		March 31, 2024
Numerator:		(in thousands, except share and per share data)
Net income		$	29,292	$	39,016
Denominator:
Basic weighted average shares		81,472,351		81,661,972
Effect of dilutive shares related to stock based compensation1		1,879,185		2,193,000
Effect of dilutive shares related to contingent consideration2		—		189,698
Diluted weighted average shares		83,351,536		84,044,670
Earnings per share:
Basic		$	0.36	$	0.48
Dilutive		$	0.35	$	0.46
Anti-dilutive shares:
Shares		108,254		112,717
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 the former owners of BASX (Note 17)