We use the treasury stock method to calculate earnings per share as our currently issued non-vested RSUs and PSUs do not have participating rights.

The following table sets forth the computation of basic and diluted earnings per share (which we refer to as “EPS”) for the three and six months ended June 30, 2025 and 2024 (in thousands, except share and per share information):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Numerator
Net income	$	34,854	$	83,724	$	74,238	$	148,055
Denominator
Weighted average common shares outstanding - basic		30,366,109		31,648,130		30,582,376		31,728,544
Dilutive effect of stock-based compensation awards		314,599		444,659		329,710		437,254
Weighted average common shares outstanding - diluted		30,680,708		32,092,789		30,912,086		32,165,798
Earnings per share:
Basic	$	1.15	$	2.65	$	2.43	$	4.67
Diluted	$	1.14	$	2.61	$	2.40	$	4.60

Stock-based awards are excluded from the calculation of diluted EPS in the event they are subject to unsatisfied performance conditions or are antidilutive. We excluded 0.7 million and 0.7 million common stock unit equivalents from diluted earnings per share during the three and six months ended June 30, 2025, respectively, and we excluded 0.4 million and 0.4 million common stock unit equivalents from diluted earnings per share during the three and six months ended June 30, 2024, respectively, related to the PSUs for which performance conditions remained unsatisfied. We excluded 0.3 million and 0.3 million common stock unit equivalents from diluted earnings per share during the three and six months ended June 30, 2025, respectively, that were antidilutive. No amounts were antidilutive during the three and six months ended June 30, 2024.