The calculation of basic and diluted net income per share is as follows.
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Net income per share |
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Three Months Ended
March 31, |
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(In thousands, except per-share amounts) |
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2026 (1) |
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2025 |
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Net income from continuing operations |
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$ |
129,466 |
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$ |
152,090 |
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Income (loss) from discontinued operations, net of tax |
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(5,373 |
) |
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(7,532 |
) |
Net income—basic and diluted |
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$ |
124,093 |
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$ |
144,558 |
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Average common shares outstanding—basic |
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137,004 |
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145,618 |
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Dilutive effect of share-based compensation arrangements (2) |
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1,481 |
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2,109 |
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Adjusted average common shares outstanding—diluted |
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138,485 |
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147,727 |
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Net income per share |
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Basic |
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Net income from continuing operations |
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$ |
0.94 |
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$ |
1.04 |
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Income (loss) from discontinued operations, net of tax |
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(0.04 |
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(0.05 |
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Basic net income per share |
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$ |
0.90 |
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$ |
0.99 |
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Diluted |
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Net income from continuing operations |
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$ |
0.93 |
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$ |
1.03 |
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Income (loss) from discontinued operations, net of tax |
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(0.04 |
) |
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(0.05 |
) |
Diluted net income per share |
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$ |
0.89 |
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$ |
0.98 |
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(1)Includes Inigo results from the Closing Date of the acquisition through March 31, 2026. (2)The following number of shares of our common stock equivalents issued under our share-based compensation arrangements are not included in the calculation of diluted net income per share because their effect would be anti-dilutive.
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Three Months Ended
March 31, |
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(In thousands) |
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2026 |
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2025 |
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Shares of common stock equivalents |
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— |
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24 |
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