The calculations of basic and diluted earnings per share ("EPS") are based on net income divided by the basic weighted average number of common shares and diluted weighted average number of common shares outstanding, respectively.


	Year Ended December

(In thousands, except per share amounts)	2025		2024		2023
Net income	$	227,452	$	245,802	$	230,994
Basic weighted average shares outstanding	55,500		55,549		55,961
Dilutive effect of stock-based awards	608		772		970
Diluted weighted average shares outstanding	56,108		56,321		56,931
Earnings per share:
Basic earnings per share	$	4.10	$	4.42	$	4.13
Diluted earnings per share	$	4.05	$	4.36	$	4.06

For the years ended December 2025, December 2024 and December 2023, an immaterial number of shares were excluded from the dilutive earnings per share calculations because the effect of their inclusion would have been anti-dilutive.

For the years ended December 2025, December 2024 and December 2023, a total of 0.5 million, 0.6 million and 0.6 million shares of PRSUs, respectively, were excluded from the calculations of diluted earnings per share as the units were not considered to be contingent outstanding shares.