Basic net income per share is calculated by dividing net income attributable to Aptar by the weighted-average number of common shares outstanding during the period. Diluted net income per share is calculated by dividing the net income attributable to Aptar by the weighted-average number of common and common equivalent shares outstanding during the applicable period. The difference between basic and diluted earnings per share is attributable to stock-based compensation awards. Stock-based compensation awards for which total employee proceeds exceed the average market price over the applicable period would have an antidilutive effect on earnings per share, and accordingly, are excluded from the calculation of diluted earnings per share. The reconciliation of basic and diluted earnings per share for the three months ended March 31, 2024 and 2023 were as follows:


	Three Months Ended
	March 31, 2024				March 31, 2023
	Diluted		Basic		Diluted		Basic
Consolidated operations
Income available to common stockholders	$	83,104	$	83,104	$	54,764	$	54,764

Average equivalent shares
Shares of common stock	66,064		66,064		65,372		65,372
Effect of dilutive stock-based compensation
Stock options	788		—		906		—
Restricted stock	580		—		457		—
Total average equivalent shares	67,432		66,064		66,735		65,372
Net income per share	$	1.23	$	1.26	$	0.82	$	0.84