Basic net income per share is computed using net income divided by the weighted average number of shares of common stock outstanding (“Weighted Shares”) for the period presented.

Diluted net income per share is computed using net income divided by Weighted Shares and the treasury stock method effect of common equivalent shares (CESs) outstanding for each period presented.

In the following table, we present a reconciliation of earnings per share and the shares used in the computation of earnings per share for the three and six months ended June 30, 2025 and 2024 (in thousands, except per share data):


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
	(in thousands, except per share data)						(in thousands, except per share data)

Net income	$	56,780		$	52,766		$	109,362		$	106,567
Earnings per share:
Basic	$	0.94		$	0.86		$	1.80		$	1.73
Effect of CESs		(0.01	)		(0.01	)		(0.02	)		(0.02	)
Diluted	$	0.93		$	0.85		$	1.78		$	1.71

Weighted average number of shares:
Basic		60,612			61,421			60,741			61,523
Effect of CESs		462			697			559			782
Diluted		61,074			62,118			61,300			62,305

The number of anti-dilutive CESs during the three and six months ended June 30, 2025 and 2024 was immaterial.