
	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Numerators:
Net income	$	45,825	$	49,068	$	94,588	$	100,399
Denominators (1):
Basic weighted average common shares outstanding	162,794,138		166,776,770		163,938,263		166,986,130
Dilutive effect of stock-based awards	1,167,616		1,665,475		1,406,041		2,061,645

Diluted weighted average common shares outstanding	163,961,754		168,442,245		165,344,304		169,047,775
Earnings per share attributable to ExlService Holdings, Inc. stockholders (1):
Basic	$	0.28	$	0.29	$	0.58	$	0.60
Diluted	$	0.28	$	0.29	$	0.57	$	0.59
Weighted average potentially dilutive shares considered anti-dilutive and not included in computing diluted earnings per share	3,314,536		1,249,155		3,247,920		897,750

(1) Prior period information has been adjusted to reflect the 5-for-1 forward stock split of the Company’s common stock effected in August 2023. Refer to Note 19 – Capital Structure to the unaudited consolidated financial statements for further details.

On March 15, 2024, the Company entered into a master confirmation (the “Master Accelerated Share Repurchase Confirmation”) and a supplemental confirmation (together with the Master Accelerated Share Repurchase Confirmation, the “2024 ASR Agreement”), with Citibank, N.A. (“Citibank”). Refer to Note 19 - Capital Structure to the unaudited consolidated financial statements for further details. During the three months ended March 31, 2024, the Company recorded the initial delivery of shares in treasury stock at cost, which resulted in an immediate reduction of its outstanding shares used to calculate the weighted average common shares outstanding for basic and diluted earnings per share. The forward contracts indexed to the Company's own common stock met the criteria for equity classification, and prepayment of $25,000 was initially recorded in additional paid-in capital, which reflects the pending settlement of the 2024 ASR Agreement.

Had the 2024 ASR Agreement been settled as of June 30, 2024, determined based on the volume-weighted average price per share since its effective date, Citibank would have been required to deliver additional estimated shares to the Company. The effect of the potential share settlement under the 2024 ASR Agreement was excluded from the computation of diluted earnings per share as its inclusion would have been anti-dilutive.