Basic earnings per share (“EPS”) is calculated by dividing net income attributable to WillScot common shareholders by the weighted average number of shares of Common Stock outstanding during the period. The shares of Common Stock issued as a result of the vesting of RSUs and RSAs as well as the exercise of stock options or redemption of warrants are included in EPS based on the weighted average number of days in which they were outstanding during the period.

Diluted EPS is computed similarly to basic EPS, except that it includes the potential dilution that could occur if dilutive securities were exercised. Effects of potentially dilutive securities are presented only in periods in which they are dilutive.

The following table reconciles income from continuing operations attributable to WillScot common shareholders to net income attributable to common shareholders for the dilutive EPS calculation and the weighted average shares outstanding for the basic calculation to the weighted average shares outstanding for the diluted calculation for the years ended December 31:


(in thousands)	2024		2023		2022
Numerator:
Income from continuing operations	$	28,129	$	341,844	$	276,341
Income from discontinued operations	—		134,613		63,199
Net income	$	28,129	$	476,457	$	339,540

Denominator:
Weighted average Common Shares outstanding - basic	188,102		198,555		216,809
Dilutive effect of outstanding securities:
Warrants	—		—		1,605
RSAs	15		15		18
Time-Based RSUs	152		274		401
Performance-Based RSUs	1,112		2,040		1,471
Stock Options	911		966		1,095
Weighted average Common Shares outstanding - dilutive	190,292		201,850		221,399

The following potential common shares were excluded from the computation of dilutive EPS because their effect would have been anti-dilutive: