Earnings Per Share

6 Months Ended

Jun. 30, 2025

3. Earnings Per Share

Basic earnings per share is calculated by dividing the net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing the net income by the weighted average number of common shares and common stock equivalents outstanding for the period determined using the treasury stock method. For purposes of diluted earnings per share calculation, equity awards and employee stock purchase plan rights are considered to be common stock equivalents.


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share data)	2025		2024		2025		2024
Net income - basic and diluted	$	26,666	$	33,389	$	45,653	$	49,944
Weighted average shares outstanding:
Basic		167,827		165,551		167,321		165,174
Effect of potentially dilutive common shares from:
Equity awards		785		578		828		1,138
Employee stock purchase plan rights		69		45		70		79
Diluted		168,681		166,174		168,219		166,391

Earnings per share:
Basic	$	0.16	$	0.20	$	0.27	$	0.30
Diluted	$	0.16	$	0.20	$	0.27	$	0.30

Potentially dilutive shares excluded from per share amounts as their effect would have been anti-dilutive		19,595		20,944		18,707		17,533