Year Ended December 31,

(in thousands)

2025

 

2024

 

2023

Net income

$

322,290

$

172,231

$

104,998

Less: Allocation of earnings to participating securities

(3,334)

(2,279)

(1,878)

Net income attributable to common stockholders

$

318,956

$

169,952

$

103,120

Allocation of earnings to cash or share settled restricted stock units

877

1,004

—

Diluted net income attributable to common stockholders

$

319,833

$

170,956

$

103,120

Weighted-average common shares outstanding used in basic earnings per common share

174,437

162,037

154,126

Effect of dilutive securities:

Performance-based restricted stock units

296

328

207

Time-based restricted stock units

13

—

ESPP shares

7

10

11

Weighted-average common shares outstanding used in diluted earnings per common share

174,753

162,375

154,344