Earnings Per Share

12 Months Ended

Dec. 31, 2025

5. Earnings Per Share

The following table sets forth the computation of basic and diluted net income per share:


	Years Ended December 31,
(In thousands, except per share amounts)	2025		2024		2023
Net income per share:
Numerator:
Net income	$	230,455	$	179,821	$	333,904
Denominator:
Weighted-average common shares outstanding - basic		107,548		107,438		108,183
Effect of potentially dilutive common shares		1,687		1,603		2,706
Weighted-average common shares outstanding - diluted		109,235		109,041		110,889
Basic net income per share	$	2.14	$	1.67	$	3.09
Diluted net income per share	$	2.11	$	1.65	$	3.01

In the first quarter of 2023, the Company settled the conversion of the remaining $10.4 million aggregate principal amount of its 1.375% Convertible Senior Notes due 2023 (“the 2023 Notes”). Accordingly, the Company delivered approximately 0.3 million shares of its common stock as settlement related to the in-the-money conversion feature of the 2023 Notes and received an equal amount of shares due to the settlement of the convertible senior note hedges. The Company included dilutive instruments exercised during the period in the denominator of diluted earnings per share for the period prior to exercise, and thereafter, the Company included the actual shares issued in the denominator for both basic and diluted earnings per share. Refer to Note 12, “Convertible Notes,” for additional information.