The following table presents the calculation for both basic and diluted EPS:


(in thousands, except per share data)	Three months ended				Six months ended
	March 31, 2026		March 31, 2025		March 31, 2026		March 31, 2025
Net income	$	590,723	$	162,644	$	757,241	$	244,876
Weighted-average shares outstanding—Basic		118,185		120,177		118,764		120,210
Dilutive effect of restricted stock units		368		677		513		790
Weighted-average shares outstanding—Diluted		118,553		120,854		119,277		121,000
Earnings per share—Basic	$	5.00	$	1.35	$	6.38	$	2.04
Earnings per share—Diluted	$	4.98	$	1.35	$	6.35	$	2.02

There were 0.3 million and 0.1 million anti-dilutive shares for the three and six months ended March 31, 2026, respectively. There were 0.3 million and 0.2 million anti-dilutive shares for the three and six months ended March 31, 2025, respectively.

Our Articles of Organization authorize us to issue up to 500 million shares of our common stock. Our Board of Directors has authorized us to repurchase up to $2 billion of our common stock in the period October 1, 2024 through September 30, 2026 (the “current authorization”), and $2 billion of our common stock in the period October 1, 2026 through September 30, 2028. The amount remaining under the current authorization for repurchases as of March 31, 2026 is set forth in Part II, Item 2 Unregistered Sales of Equity Securities and Use of Proceeds of this Quarterly Report.

On March 17, 2026, we entered into an accelerated share repurchase agreement ("ASR") with a major financial institution ("Bank") to repurchase $375 million of our outstanding common stock as a part of our existing share repurchase program. The ASR was funded with proceeds from the Kepware and ThingWorx divestiture. Upon execution of the ASR, we paid the Bank $375 million and received an initial delivery of 1.9 million shares, which represented 80% ($300 million) of the value of the ASR contract.

The remaining $75 million represents the amount held back by the Bank pending final settlement of the ASR, which is expected to occur in the third quarter of 2026. Upon settlement of the ASR, the total shares repurchased will equal $375 million divided by the average daily volume weighted-average price of our common stock during the term of the ASR less a fixed per-share discount. Settlement may occur in cash or shares at our election. We accounted for the ASR as an equity transaction; accordingly, this $75 million was recorded as a reduction to Additional paid-in capital in the second quarter of 2026.

In addition to the ASR repurchases described above, in the second quarter and first six months of 2026, we repurchased 1.6 million shares for $250 million and 2.8 million shares for $450 million, respectively, through open market transactions. In the second quarter and first six months of 2026, we also paid $1.1 million in excise taxes related to share repurchases. In the second quarter and first six months of 2025, we repurchased 0.5 million shares for $75 million and 0.8 million shares for $150 million, respectively, through open market transactions.

All shares repurchased are automatically restored to the status of authorized and unissued.