Basic net income per share attributable to common stockholders is calculated by dividing net income attributable to common stockholders by the weighted-average shares outstanding during the period, without consideration for common stock equivalents. Diluted net income per share attributable to common stockholders is computed by dividing the net income by the weighted-average number of shares of common stock and common stock equivalents outstanding for the period. Common stock equivalents consist of common stock issuable upon (1) exercise of stock options and (2) vesting of restricted stock awards, restricted stock units and performance-based restricted stock units (collectively, “restricted stock”).

For the three months ended March 31, 2025 and 2024, respectively, there were 413 thousand and 154 thousand common stock equivalents outstanding in the form of stock options and 48 thousand and 78 thousand in unvested restricted stock, that have been excluded from the calculation of diluted net income per common share as their effect would be anti-dilutive.


	Three Months Ended March 31,
(in thousands, except per share data)	2025		2024
Numerator:
Net income	$	35,733	$	932
Denominator:
Weighted-average basic common shares	28,815		28,295
Dilutive effect of stock options and unvested restricted stock	1,056		996
Weighted-average diluted common shares	29,871		29,291

Net income per common share—basic	$	1.24	$	0.03
Net income per common share—diluted	$	1.20	$	0.03