EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2025

The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2025 and 2024 (in thousands, except per share data):


	Three Months Ended March 31,
	2025		2024
Numerator:
Net Income	$	122,773	$	76,884
Denominator:
Basic
Weighted average common shares outstanding	63,843		50,045
Diluted
Stock options (1)	84		74
Restricted stock units and awards (1)	215		99

Contingent shares (2)	—		3
Diluted weighted average common shares outstanding (3)	64,142		50,221
Basic earnings per share	$	1.92	$	1.54
Diluted earnings per share	$	1.91	$	1.53

(1)A total of 44 thousand and 40 thousand shares of stock-based awards were excluded from the calculation of diluted earnings per share for three months ended March 31, 2025 and 2024, 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 conditions have been met.

(3)The denominator used in calculating diluted earnings per share did not include 239 thousand and 254 thousand PSUs for both the three months ended March 31, 2025, and 2024, 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, 2025 and 2024.