The computation of basic net income per share is based on the number of weighted average common shares outstanding during the period. The computation of diluted net income per share is based on the weighted average number of shares outstanding plus the incremental shares that would be outstanding assuming issuance of restricted stock. The number of incremental shares is calculated by applying the treasury stock method. Basic and diluted net income per share was calculated as follows (in thousands, except per share data):


	For the year ended December 31,
	2025		2024		2023
Numerator:
Net income	$	56,998	$	250,603	$	478,629
Denominator:
Weighted-average shares used to compute net income per share—basic		52,560		52,287		51,973
Dilutive restricted stock awards and units		43		58		72
Weighted-average shares used to compute net income per share—diluted		52,603		52,345		52,045
Net income per share—basic	$	1.08	$	4.79	$	9.21
Net income per share—diluted	$	1.08	$	4.79	$	9.20

As of December 31, 2025, there were 180,546 restricted stock unit awards for which the service-based vesting conditions for these awards were not met as of the measurement date. As such, these awards were excluded from basic earnings per share. These awards had a 43,446 share impact on dilutive weighted average shares for the year ended December 31, 2025.

As of December 31, 2025, there were 312,304 shares granted under the 2017 Equity Plan to employees, for which neither the service based nor performance based vesting conditions were met as of the measurement date. As such, these shares have been excluded from basic and diluted earnings per share.