Weighted Average Common Shares

9 Months Ended

Sep. 30, 2025

13. WEIGHTED AVERAGE COMMON SHARES

Basic net income per share is calculated by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net income by the weighted average number of shares assuming dilution. Dilutive common shares outstanding is computed using the Treasury Stock Method and reflects the additional shares that would be outstanding if dilutive stock options were exercised and restricted stock units were settled for common shares during the period.

The weighted average number of common shares used to compute basic and diluted net income per share for the quarters and years to date ended September 30, 2025 and 2024 were as follows (shares in thousands):


	For the Quarter Ended September 30,				For the Year to Date Ended September 30,
	2025		2024		2025		2024
Basic common shares outstanding		64,647		65,699		65,215		65,622
Common stock equivalents		1,360		1,613		1,295		1,488
Diluted common shares outstanding		66,007		67,312		66,510		67,110

Certain unexercised stock option awards are excluded from our computations of diluted earnings per share, as these shares were out-of-the-money and their effect would have been anti-dilutive. There were no anti-dilutive options for the quarters ended September 30, 2025 and 2024, or for the year-to-date ended September 30, 2025. For the year-to-date ended September 30, 2024, less than 0.1 million shares were excluded from the diluted earnings per share calculation.