Earnings Per Share

3 Months Ended

Mar. 31, 2025

The following table details the reconciliation of basic earnings per share to diluted earnings per share:


	Three Months Ended March 31,
		2025		2024
Numerator for basic and diluted earnings per share:
Net income		$	81,052	$	54,170
Denominator:
Weighted-average basic common shares outstanding		43,024		42,332
Assumed conversion of dilutive securities:
Stock awards		713		768
Convertible Senior Notes		206		—
Denominator for diluted earnings per share - Adjusted weighted-average shares		43,943		43,100
Earnings per common share:
Basic		$	1.88	$	1.28
Diluted		$	1.84	$	1.26

For the three months ended March 31, 2025, and 2024, stock awards representing the right to purchase common stock of approximately 22,000 shares and 162,000 shares, respectively, were not included in the computation of diluted earnings per share because their inclusion would have had an antidilutive effect.

We have used the if-converted method for calculating any potential dilutive effect of the Convertible Senior Notes on our diluted net income per share if our average stock price for the period exceeded the conversion price of $493.44 per share of common stock. Under the if-converted method, the Notes are assumed to be converted at the beginning of the period and the resulting common shares, if dilutive, are included in the denominator of the diluted earnings per share calculation for the entire period being presented. For the three months ended March 31, 2025, our average stock price for the period exceeded the conversion price resulting in a dilutive impact of the if-converted method as reflected in the table above. For the three months ended March 31, 2024, our average stock price for the period did not exceed the conversion price, therefore there was no dilutive impact as reflected in the table above.