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Net Income Per Share
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Net Income Per Share

8. Net Income Per Share

Basic net income per share is calculated by dividing net income by the weighted average shares outstanding during the period, without consideration of common stock equivalents. Diluted net income per share is calculated by adjusting the weighted average shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury-stock method.

The components of basic and diluted net income per share are as follows:

 

 

 

Three Months Ended March 31,

 

(In thousands, except per share data)

 

2025

 

 

2024

 

Numerator:

 

 

 

 

 

 

Net income

 

$

32,339

 

 

$

29,149

 

Denominator:

 

 

 

 

 

 

Weighted average shares - basic

 

 

159,544

 

 

 

166,241

 

Common stock equivalents

 

 

2,522

 

 

 

2,485

 

Weighted average shares - diluted

 

 

162,066

 

 

 

168,726

 

Net income per share - basic

 

$

0.20

 

 

$

0.18

 

Net income per share - diluted

 

$

0.20

 

 

$

0.17

 

Antidilutive shares excluded from diluted net income per share:

 

 

 

 

 

 

Performance share units

 

 

325

 

 

 

297

 

Restricted stock units

 

 

5

 

 

 

1

 

Non-qualified stock options

 

 

—

 

 

 

24

 

Total antidilutive shares excluded

 

 

330

 

 

 

322