Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period plus any dilutive securities. Dilutive securities include outstanding common stock options and unvested restricted stock units, less the number of shares that could have been purchased with the proceeds from the exercise of the options, using the treasury stock method. Options and restricted stock units that are anti-dilutive are not included in the treasury stock method calculation.

The following table presents the calculation of net earnings per common share (“EPS”) — basic and diluted (in thousands, except per share data):


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Net income	$	19,087	$	35,338	$	49,219	$	19,862

Weighted-average number of common shares outstanding (basic)	25,000		24,645		24,884		24,593
Dilutive securities	44		63		248		153
Weighted-average common and common equivalent shares outstanding (diluted)	25,044		24,708		25,132		24,746
EPS — basic	$	0.76	$	1.43	1.98		0.81
EPS — diluted	$	0.76	$	1.43	1.96		0.80

Total anti-dilutive stock options and restricted stock awards	41		65		40		40