Basic earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of shares of common stock outstanding during the period. The computation of diluted earnings per share is similar to the computation of basic earnings per share, except that the denominator is increased to include the number of additional shares of common stock that would have been outstanding if dilutive potential shares of common stock had been issued. The calculation of basic and diluted earnings per share for the periods noted was as follows (in thousands, except per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net income	$	379,261	$	273,249	$	735,665	$	591,822

Basic weighted-average number of shares outstanding	79,791		79,984		79,951		77,307
Dilutive common share equivalents	241		389		292		453
Diluted weighted-average number of shares outstanding	80,032		80,373		80,243		77,760

Basic earnings per share	$	4.75	$	3.42	$	9.20	$	7.66
Diluted earnings per share	$	4.74	$	3.40	$	9.17	$	7.61

The computation of diluted earnings per share excludes stock options, warrants and stock units that are anti-dilutive. For the three months ended June 30, 2026 and 2025, stock options, warrants and stock units representing common share equivalents of 96,643 shares and 88,002 shares, respectively, were anti-dilutive. For the six months ended June 30, 2026 and 2025, stock options, warrants and stock units representing common share equivalents of 96,362 shares and 60,876 shares, respectively, were anti-dilutive.