We use the treasury stock method to calculate earnings per share as our currently issued non-vested RSUs and PSUs do not have participating rights.

The following table sets forth the computation of basic and diluted earnings per share (which we refer to as “EPS”) for the three and six months ended June 30, 2026 and 2025 (in thousands, except share and per share information):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator
Net income	$	36,148	$	34,854	$	60,557	$	74,238
Denominator
Weighted average common shares outstanding - basic		28,637,901		30,366,109		28,912,225		30,582,376
Dilutive effect of stock-based compensation awards		15,497		314,599		21,702		329,710
Weighted average common shares outstanding - diluted		28,653,398		30,680,708		28,933,927		30,912,086
Earnings per share:
Basic	$	1.26	$	1.15	$	2.09	$	2.43
Diluted	$	1.26	$	1.14	$	2.09	$	2.40

Stock-based awards are excluded from the calculation of diluted EPS in the event they are subject to unsatisfied performance conditions or are antidilutive. We excluded 1.2 million and 1.0 million common stock unit equivalents from diluted earnings per share during the three and six months ended June 30, 2026, respectively, and we excluded 0.7 million and 0.7 million common stock unit equivalents from diluted earnings per share during the three and six months ended June 30, 2025, respectively, related to the PSUs for which performance conditions remained unsatisfied, assuming maximum levels of performance achievement. We excluded 0.4 million and 0.4 million antidilutive common stock unit equivalents from diluted earnings per share during the three and six months ended June 30, 2026 and we excluded 0.3 million and 0.3 million antidilutive common stock unit equivalents from diluted earnings per share during the three and six months ended June 30, 2025, respectively.