Earnings Per Share

6 Months Ended

Jun. 30, 2025

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Numerator for basic and diluted earnings per share:
Net income	$	84,627	$	67,738	$	165,679	$	121,908
Denominator:
Weighted-average basic common shares outstanding	43,163		42,527		43,174		42,528
Assumed conversion of dilutive securities:
Stock awards	609		748		661		758
Convertible Senior Notes	157		—		181		—
Denominator for diluted earnings per share - Adjusted weighted-average shares	43,929		43,275		44,016		43,286
Earnings per common share:
Basic	$	1.96	$	1.59	$	3.84	$	2.87
Diluted	$	1.93	$	1.57	$	3.76	$	2.82

For the three and six months ended June 30, 2025, and 2024, stock awards representing the right to purchase common stock of approximately 83,000 and 53,000 shares and 75,000 and 119,000 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 six months ended June 30, 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 six months ended June 30, 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.