Basic earnings per share is calculated by dividing net income for the year by the weighted average number of common shares outstanding for the period. In computing dilutive earnings per share, basic earnings per share is adjusted for the assumed issuance of all applicable potentially dilutive share-based awards, including common stock options, RSUs, RSAs and PSUs. Shares of treasury stock are not considered outstanding and therefore are excluded from the weighted-average number of common shares outstanding calculation.


	Year Ended December 31,
	2025		2024		2023
Net income for basic and diluted income per common share	$	32,671	$	58,821	$	59,515
Shares:
Weighted-average common shares outstanding – basic	29,938,268		32,430,755		35,604,582
Effect of dilutive securities
Stock options	23,473		119,503		290,830
PSUs	88,049		159,146		366,321
RSUs	97,006		89,121		109,886
RSAs	34,398		51,972		58,095
Weighted-average common shares outstanding – diluted	30,181,194		32,850,497		36,429,714

Earnings per common share - basic	$	1.09	$	1.81	$	1.67
Earnings per common share - diluted	$	1.08	$	1.79	$	1.63

As of December 31, 2025, there were 30.0 thousand stock options, 206.3 thousand RSUs and 159.5 thousand RSAs excluded from the diluted earnings per share calculation because, under the treasury stock method, the inclusion of these would be anti-dilutive.

As of December 31, 2024, there were 241.1 thousand RSUs and 113.0 thousand RSAs excluded from the diluted earnings per share calculation because, under the treasury stock method, the inclusion of these would be anti-dilutive.

As of December 31, 2023, there were 144.2 thousand RSUs, 58.4 thousand RSAs, and 136.9 thousand PSUs excluded from the diluted earnings per share calculation because, under the treasury stock method, the inclusion of these would be anti-dilutive.

As discussed in Note 15, during the years ended December 31, 2025 and 2024, the Company purchased 1,348,214 shares and 3,765,320 shares, respectively, for an aggregate purchase price of $16.3 million and $75.1 million, respectively. The effect of these repurchases on the Company’s weighted average shares outstanding for the years ended December 31, 2025 and 2024 was a reduction of 916,155 and 1,775,956 shares, respectively, due to the timing of the repurchases.