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Earnings per share
6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Earnings per share Earnings per share
 
The Company calculates earnings per share in accordance with FASB guidance on earnings per share. Basic and diluted earnings per common share give effect to the change in the number of Company common shares outstanding. The calculation of basic earnings per common share is determined by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the respective periods. The potentially dilutive shares, consisting of outstanding options on common shares, RSUs, common shares to be issued under the ESPP and PUs, have been included in the computation of diluted net earnings per share and the number of weighted average shares outstanding, except where the result would be anti-dilutive.

The number of shares subject to stock awards outstanding but not included in the computation of diluted earnings per common share because their effect was anti-dilutive is 2,125,641 and 2,774,924 for the six months ended June 30, 2023 and 2024, respectively, and 2,390,864 and 2,768,762 for the three months ended June 30, 2023 and 2024, respectively.

Three months ended June 30,Six months ended June 30,
2023202420232024
Net income $116,252 $121,990 $222,353 $238,937 
Weighted average number of common shares used in computing basic earnings per common share183,230,252 179,651,702 183,512,828 180,034,120 
Dilutive effect of stock-based awards2,594,8651,260,5653,192,8691,390,792
Weighted average number of common shares used in computing dilutive earnings per common share185,825,117180,912,267186,705,697181,424,912
Earnings per common share
Basic$0.63 $0.68 $1.21 $1.33 
Diluted$0.63 $0.67 $1.19 $1.32