The Company computes earnings per share using the treasury stock method. Under the treasury stock method, basic earnings per share are computed by dividing net income by the weighted average number of common shares outstanding during the period, and diluted earnings per share are computed by dividing net income by the weighted average number of common shares outstanding during the period plus all potentially dilutive common stock equivalents, except in cases where the effect of the common stock equivalent would be anti-dilutive.

Net income and the weighted average number of common shares used to compute basic and diluted earnings per share were as follows:


	Three months ended June 30,				Six months ended June 30,
(in thousands, except per share data)	2026		2025		2026		2025
Numerator:
Net income	$	49,851	$	26,466	$	96,651	$	49,774

Denominator:
Weighted average common shares outstanding	15,577		15,527		15,558		15,759
Weighted average dilutive securities	154		48		154		54
Weighted average common shares outstanding, diluted	15,731		15,575		15,712		15,813

Income per common share:
Basic	$	3.20	$	1.70	$	6.21	$	3.16
Diluted	$	3.17	$	1.70	$	6.15	$	3.15

For the six months ended June 30, 2026 and the three and six months ended June 30, 2025, certain common stock equivalents were excluded from the calculation of dilutive securities because their inclusion would have been anti-dilutive.

The following table summarizes the shares of common stock underlying the Company’s unvested time-vested stock awards and performance awards that were excluded from the calculation of dilutive securities:


	Three months ended June 30,		Six months ended June 30,
(in thousands)	2026	2025	2026	2025
Time-vested stock awards	—	34	—	—
Performance awards	—	25	10	30

During the six months ended June 30, 2026, the Company repurchased 27,006 shares of stock, for approximately $7.3 million, from its employees to satisfy tax obligations on shares vested under the LTIP. During the six months ended June 30, 2025, the Company repurchased 20,504 shares of stock, for approximately $2.7 million, from its employees to satisfy tax obligations on shares vested under the LTIP.