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NET INCOME PER COMMON SHARE (Tables)
6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share

The following table is a reconciliation of net income and the shares used in calculating basic and diluted net income per common share for the three and six months ended June 30, 2025 and 2024 (in thousands, except share and per share data):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

67,264

 

 

$

52,337

 

 

$

131,708

 

 

$

109,190

 

Adjustment for Basic EPS:

 

 

 

 

 

 

 

 

 

 

 

 

Earnings allocated to unvested shareholders

 

 

(30

)

 

 

(120

)

 

 

(110

)

 

 

(318

)

Adjusted net income

 

$

67,234

 

 

$

52,217

 

 

$

131,598

 

 

$

108,872

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding – Basic

 

 

47,593,660

 

 

 

47,549,843

 

 

 

47,580,549

 

 

 

47,553,969

 

Effect of dilutive shares:

 

 

 

 

 

 

 

 

 

 

 

 

Common stock equivalents arising from ESPP

 

 

392

 

 

 

441

 

 

 

959

 

 

 

903

 

Restricted stock awards and units and performance units

 

 

80,834

 

 

 

77,829

 

 

 

102,843

 

 

 

73,598

 

Weighted average common shares outstanding – Diluted

 

 

47,674,886

 

 

 

47,628,113

 

 

 

47,684,351

 

 

 

47,628,470

 

Net income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.41

 

 

$

1.10

 

 

$

2.77

 

 

$

2.29

 

Diluted

 

$

1.41

 

 

$

1.10

 

 

$

2.76

 

 

$

2.29