EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2024

The following table sets forth the reconciliation of the numerator and the denominator of basic earnings per share and diluted earnings per share for the years ended December 31, 2024, 2023, and 2022 (in thousands, except per share data):


	Year Ended December 31,
	2024		2023		2022
Numerator:
Net income	$	41,038	$	120,968	$	105,354
Denominator:
Basic
Weighted average common shares outstanding	52,375		49,989		51,502
Diluted
Stock options	78		172		487
Restricted stock awards (1)	78		98		141
Contingent shares (2)	3		21		14
Performance share units (3)	127		277		244
Diluted weighted average common shares outstanding	52,661		50,557		52,388
Earnings Per Share:
Basic earnings per share	$	0.78	$	2.42	$	2.05
Diluted earnings per share	$	0.78	$	2.39	$	2.01

(1)For the years ended December 31, 2024, 2023 and 2022, a total of 173 thousand, 58 thousand and 68 thousand stock based awards, respectively, were excluded from the calculation of diluted earnings per share as their exercise prices would render them 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 conditions have been met. For further details, refer to Note 2, Business Combinations.

(3)The denominator used in calculating diluted earnings per share did not include 0.2 million, 0.2 million and 0.2 million performance share units for the twelve months ended December 31, 2024, 2023 and 2022, respectively. The performance conditions associated with these performance share units were not met and consequently none of these performance share units were considered as issuable for the years ended December 31, 2024, 2023 and 2022.