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Net Income per Common Share
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Net Income per Common Share

4. Net Income per Common Share

Net income per common share (“EPS”) is calculated in accordance with the Earnings per Share topic of the FASB Accounting Standards Codification, which requires the presentation of basic and diluted EPS. Basic EPS is computed using the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the weighted average number of common shares outstanding during the period, plus the dilutive effect of potential common shares.

The table below presents the calculation of basic and diluted EPS:

 

 

 

Three Months Ended
March 31,

 

 

 

2025

 

 

2024

 

 

 

(in thousands, except per share amounts)

 

Numerator:

 

 

 

 

 

 

Net income

 

$

96,304

 

 

$

258,781

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

Weighted average shares outstanding, basic

 

 

113,675

 

 

 

121,972

 

Dilutive effect of options and RSUs

 

 

664

 

 

 

1,399

 

Weighted average shares outstanding, diluted

 

 

114,339

 

 

 

123,371

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

Basic

 

$

0.85

 

 

$

2.12

 

Diluted

 

$

0.84

 

 

$

2.10

 

 

 

 

 

 

 

 

Antidilutive and contingent RSUs excluded from diluted EPS

 

 

82

 

 

 

36