Basic net income per share is computed using net income divided by the weighted average number of shares of common stock outstanding (“Weighted Shares”) for the period presented.

Diluted net income per share is computed using net income divided by Weighted Shares and the treasury stock method effect of common equivalent shares ("CESs") outstanding for each period presented.

In the following table, we present a reconciliation of earnings per share and the shares used in the computation of earnings per share for the three and six months ended June 30, 2026 and 2025 (in thousands, except per share data):


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
	(in thousands, except per share data)						(in thousands, except per share data)

Net income	$	50,352		$	56,780		$	99,647		$	109,362
Earnings per share:
Basic	$	0.86		$	0.94		$	1.68		$	1.80
Effect of CESs		(0.01	)		(0.01	)		(0.01	)		(0.02	)
Diluted	$	0.85		$	0.93		$	1.67		$	1.78

Weighted average number of shares:
Basic		58,760			60,612			59,221			60,741
Effect of CESs		237			462			294			559
Diluted		58,997			61,074			59,515			61,300

The number of anti-dilutive CESs during the three and six months ended June 30, 2026 and 2025 was immaterial.