Net Income per Common Share

9 Months Ended

Sep. 30, 2025

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 September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in thousands, except per share amounts)
Numerator:
Net income	$	122,384	$	284,783	$	403,719	$	887,654

Denominator:
Weighted average shares outstanding, basic		110,547		116,176		111,703		119,120
Dilutive effect of options and RSUs		383		764		439		996
Weighted average shares outstanding, diluted		110,930		116,940		112,142		120,116

Net income per share:
Basic	$	1.11	$	2.45	$	3.61	$	7.45
Diluted	$	1.10	$	2.44	$	3.60	$	7.39

Antidilutive and contingent RSUs excluded from diluted EPS		118		271		323		196