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 June 30, 2026 and 2025, respectively, there were 305 thousand and 604 thousand common stock equivalents outstanding in the form of stock options and zero and 275 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.

For the six months ended June 30, 2026 and 2025, respectively, there were 234 thousand and 520 thousand common stock equivalents outstanding in the form of stock options and zero and 89 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 June 30,			Six Months Ended June 30,
(in thousands, except per share data)		2026		2025		2026		2025
Numerator:
Net income		$	54,768	$	38,333	$	110,700	$	74,067
Denominator:
Weighted-average basic common shares		29,529		28,910		29,409		28,863
Dilutive effect of stock options and unvested restricted stock		1,128		839		1,175		956
Weighted-average diluted common shares		30,657		29,749		30,584		29,819

Net income per common share—basic		$	1.85	$	1.33	$	3.76	$	2.57
Net income per common share—diluted		$	1.79	$	1.29	$	3.62	$	2.48