Basic net income per share attributable to common stockholders is calculated by dividing net income attributable to common stockholders by the weighted-average shares outstanding during the period, without consideration for common stock equivalents. Diluted net income per share attributable to common stockholders is computed by dividing the net income by the weighted-average number of shares of common stock and common stock equivalents outstanding for the period. Common stock equivalents consist of common stock issuable upon (1) exercise of stock options and (2) vesting of restricted stock awards, restricted stock units and performance-based restricted stock units (collectively, “restricted stock”).

For the three months ended March 31, 2026 and 2025, respectively, there were 376 thousand and 413 thousand common stock equivalents outstanding in the form of stock options and 50 thousand and 48 thousand in unvested restricted stock, that have each been excluded from the calculation of diluted net income per common share as their effect would be anti-dilutive.


	Three Months Ended March 31,
(in thousands, except per share data)		2026		2025
Numerator:
Net income		$	55,932	$	35,733
Denominator:
Weighted-average basic common shares		29,288		28,815
Dilutive effect of stock options and unvested restricted stock		1,219		1,056
Weighted-average diluted common shares		30,507		29,871

Net income per common share—basic		$	1.91	$	1.24
Net income per common share—diluted		$	1.83	$	1.20