Earnings Per Share

3 Months Ended

Mar. 31, 2024

EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2024 and 2023 (in thousands, except per share data):


	Three Months Ended March 31,
	2024		2023
Numerator:
Net Income	$	76,884	$	73,160
Denominator:
Basic
Weighted average common shares outstanding	50,045		50,367
Diluted
Stock options (1)	74		271
Restricted stock units and awards (1)	99		122

Contingent shares (2)	3		2
Diluted weighted average common shares outstanding (3)	50,221		50,762
Basic earnings per share	$	1.54	$	1.45
Diluted earnings per share	$	1.53	$	1.44

(1)A total of 40 thousand and 80 thousand shares of stock-based awards were excluded from the calculation of diluted earnings per share for three months ended March 31, 2024 and 2023, respectively, as their effect would be anti-dilutive.

(2)Contingent shares represent additional shares to be issued for purchase price earned by former owners of businesses acquired by us once future considerations have been met.

(3)The denominator used in calculating diluted earnings per share did not include 254 thousand and 326 thousand PSUs for both the three months ended March 31, 2024, and 2023, respectively. The performance conditions associated with these PSUs were not met and consequently none of these PSUs were considered as issuable for the three months ended March 31, 2024 and 2023.