The following table sets forth the reconciliation of the numerator and the denominator of basic earnings per share and diluted earnings per share for the years ended December 31, 2025, 2024, and 2023 (in thousands, except per share data):


	Year Ended December 31,
	2025		2024		2023
Numerator:
Net income	$	115,444	$	41,038	$	120,968
Denominator:
Basic
Weighted average common shares outstanding(1)	62,909		52,375		49,989
Diluted
Stock options	71		78		172
Restricted stock awards (2)	150		78		98
Contingent shares (3)	—		3		21
Performance share units (4)	110		127		277
Diluted weighted average common shares outstanding	63,240		52,661		50,557
Earnings Per Share:
Basic earnings per share	$	1.84	$	0.78	$	2.42
Diluted earnings per share	$	1.83	$	0.78	$	2.39

(1)A total of 13.6 million shares that were issued as consideration in connection with the Transaction are included for the year ended December 31, 2025. Refer to Note 2, Business Combinations for more detail.

(2)For the years ended December 31, 2025, 2024 and 2023, a total of 72 thousand, 173 thousand and 58 thousand stock based awards, respectively, were excluded from the calculation of diluted earnings per share as their exercise prices would render them anti-dilutive.

(3)Contingent shares represent additional shares to be issued for purchase price earned by former owners of businesses acquired by us once future conditions have been met. For further details, refer to Note 2, Business Combinations.

(4)The denominator used in calculating diluted earnings per share did not include 0.1 million, 0.2 million and 0.2 million performance share units for the twelve months ended December 31, 2025, 2024 and 2023, respectively. The performance conditions associated with these performance share units were not met and consequently none of these performance share units were considered as issuable for the years ended December 31, 2025, 2024 and 2023.