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Net Income Per Common Share
 9 Months Ended
Sep. 30, 2025
Net Income Per Common Share  
Net Income Per Common Share

(5) Net Income Per Common Share

Basic net income per common share (“Basic EPS”) excludes dilution and is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per common share

(“Diluted EPS”) reflects the potential dilution that could occur if stock options or other contracts to issue common stock were exercised or converted into common stock. The computation of Diluted EPS does not assume exercise or conversion of securities that would have an anti-dilutive effect on net income per common share. During the nine months ended September 30, 2025 and 2024, 161,000 and 336,000 performance shares (at target performance) were excluded from the computation of Diluted EPS because the Company had not achieved the minimum target thresholds for these shares as of September 30, 2025 and 2024, respectively.

The calculation of the weighted average number of common shares outstanding for Basic EPS and Diluted EPS are as follows for the periods indicated (in thousands, except per share data):

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Three Months Ended

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Nine Months Ended

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September 30,

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September 30,

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2025

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2024

 

2025

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2024

Numerator:

    

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Net income

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$

116,358

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$

89,709

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$

337,178

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$

225,585

Denominator:

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Basic earnings per share weighted average shares

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40,323

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40,253

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40,410

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40,244

Dilution due to employee equity awards and warrants

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1,069

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1,308

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1,037

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1,251

Diluted earnings per share weighted average shares

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41,392

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41,561

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41,447

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41,495

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Basic earnings per share

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$

2.89

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$

2.23

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$

8.34

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$

5.61

Diluted earnings per share

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$

2.81

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$

2.16

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$

8.14

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$

5.44

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