Net Income per Common Share

6 Months Ended

Jun. 30, 2025

4. Net Income per Common Share

Net income per common share (“EPS”) is calculated in accordance with the Earnings per Share topic of the FASB Accounting Standards Codification, which requires the presentation of basic and diluted EPS. Basic EPS is computed using the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the weighted average number of common shares outstanding during the period, plus the dilutive effect of potential common shares.

The table below presents the calculation of basic and diluted EPS:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in thousands, except per share amounts)
Numerator:
Net income	$	185,031	$	344,090	$	281,335	$	602,871

Denominator:
Weighted average shares outstanding, basic		110,922		119,244		112,291		120,608
Dilutive effect of options and RSUs		274		828		468		1,113
Weighted average shares outstanding, diluted		111,196		120,072		112,759		121,721

Net income per share:
Basic	$	1.67	$	2.89	$	2.51	$	5.00
Diluted	$	1.66	$	2.87	$	2.50	$	4.95

Antidilutive and contingent RSUs excluded from diluted EPS		767		280		427		158