Net Income Per Share

12 Months Ended

Dec. 31, 2025

Net Income Per Share Net income for the reported period is divided by the weighted average number of basic and diluted common shares outstanding

during the reported period to calculate the basic and diluted net income per share, respectively. Outstanding stock options to purchase

common shares, unvested RSUs, and unvested performance restricted stock units (“PRSUs”) are collectively referred to as “equity awards.”

•Basic net income per share is computed using the weighted average number of common shares outstanding during the period.

•Diluted net income per share is computed using the weighted average number of common and potentially dilutive shares

outstanding during the period, using the treasury stock method. Any anti-dilutive effect of equity awards outstanding is not

included in the computation of diluted net income per share.

The following table presents the computation of basic and diluted net income per share.


	Years Ended December 31,
	2025	2024	2023
(In thousands, except per share amounts)
Numerator
Net income	$22,962	$23,050	$21,504

Denominator (weighted average shares)
Basic common shares outstanding	53,802	57,213	56,444
Stock options	189	380	1,051
RSUs	167	229	245
Diluted common shares outstanding	54,158	57,822	57,740

Net income per share
Basic	$ 0.43	$ 0.40	$ 0.38
Diluted	$ 0.42	$ 0.40	$ 0.37

The following table presents the equity awards that are excluded from diluted net income per share because (i) their effect would have

been anti-dilutive, or (ii) the equity awards were contingent upon conditions for issuance which were not satisfied as of December 31, 2025.

See Note 12, “Stock-based Compensation” for additional information.


	Years Ended December 31,
	2025	2024	2023
(In thousands)
Anti-dilutive equity award shares	1,285	1,054	399