Earnings Per Share

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
(in thousands, except per share data)	2025		2024		2025		2024
Net income - basic and diluted	$	71,779	$	32,765	$	117,432	$	82,709
Weighted average shares outstanding:
Basic		168,836		165,974		167,837		165,443
Effect of potentially dilutive common shares from:
Equity awards		1,709		154		1,235		623
Employee stock purchase plan rights		105		50		84		70
Diluted		170,650		166,178		169,156		166,136

Earnings per share:
Basic	$	0.43	$	0.20	$	0.70	$	0.50
Diluted	$	0.42	$	0.20	$	0.69	$	0.50

Potentially dilutive shares excluded from per share amounts as their effect would have been anti-dilutive		15,856		20,218		17,990		18,444