Basic net income per common share is calculated by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted net income per common share reflects the pro forma dilution of shares outstanding, assuming outstanding service-based restricted stock awards fully vested, calculated in accordance with the treasury method. Basic and diluted net income per common share calculations are as follows for the periods presented:


	Three Months Ended
	June 30,
	2025		2024
Basic
Net income applicable to common stock	$	1,018	$	38,846
Average common shares outstanding	94,580,927		56,342,909
Net income per common share - basic	$	0.01	$	0.69
Diluted
Net income applicable to common stock	$	1,018	$	38,846
Average common shares outstanding	94,580,927		56,342,909
Effect of dilutive stock-based compensation	555,233		341,717
Average common shares outstanding - diluted	95,136,160		56,684,626
Net income per common share - diluted	$	0.01	$	0.69



	Six Months Ended
	June 30,
	2025		2024
Basic
Net income applicable to common stock	$	42,536	$	78,255
Average common shares outstanding	79,209,073		56,275,628
Net income per common share - basic	$	0.54	$	1.39
Diluted
Net income applicable to common stock	$	42,536	$	78,255
Average common shares outstanding	79,209,073		56,275,628
Effect of dilutive stock-based compensation	462,702		332,319
Average common shares outstanding - diluted	79,671,775		56,607,947
Net income per common share - diluted	$	0.53	$	1.38

Stock-based compensation awards that could potentially dilute basic net income per common share in the future that were not included in the computation of diluted net income per common share due to their anti-dilutive effect were as follows for the periods presented: