| Net Income Per Share |
4. Net Income Per Share Basic net income per share is computed by dividing net income by the weighted average number of common shares outstanding, while diluted net income per share is computed by dividing net income by the sum of the weighted average number of common shares outstanding and the weighted average number of dilutive potential common shares. Dilutive potential common shares relate to our share-based compensation arrangements. The calculation of basic and diluted net income per share is as follows.
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Net income per share |
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Three Months Ended
June 30, |
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Six Months Ended
June 30, |
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(In thousands, except per-share amounts) |
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2026 |
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2025 |
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2026 (1) |
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2025 |
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Net income from continuing operations |
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$ |
118,228 |
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$ |
154,485 |
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$ |
247,694 |
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$ |
306,575 |
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Income (loss) from discontinued operations, net of tax |
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(2,314 |
) |
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(12,689 |
) |
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(7,687 |
) |
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(20,221 |
) |
Net income—basic and diluted |
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$ |
115,914 |
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$ |
141,796 |
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$ |
240,007 |
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$ |
286,354 |
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Average common shares outstanding—basic |
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135,355 |
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137,376 |
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136,591 |
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141,910 |
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Dilutive effect of share-based compensation arrangements (2) |
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928 |
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984 |
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959 |
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1,102 |
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Adjusted average common shares outstanding—diluted |
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136,283 |
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138,360 |
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137,550 |
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143,012 |
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Net income per share |
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Basic |
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Net income from continuing operations |
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$ |
0.87 |
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$ |
1.12 |
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$ |
1.81 |
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$ |
2.16 |
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Income (loss) from discontinued operations, net of tax |
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(0.02 |
) |
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(0.09 |
) |
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(0.06 |
) |
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(0.14 |
) |
Basic net income per share |
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$ |
0.85 |
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$ |
1.03 |
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$ |
1.75 |
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$ |
2.02 |
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Diluted |
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Net income from continuing operations |
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$ |
0.87 |
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$ |
1.11 |
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$ |
1.80 |
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$ |
2.14 |
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Income (loss) from discontinued operations, net of tax |
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(0.02 |
) |
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(0.09 |
) |
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(0.06 |
) |
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(0.14 |
) |
Diluted net income per share |
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$ |
0.85 |
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$ |
1.02 |
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$ |
1.74 |
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$ |
2.00 |
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(1)Includes Inigo results from the Closing Date of the acquisition through June 30, 2026. (2)The following number of shares of our common stock equivalents issued under our share-based compensation arrangements are not included in the calculation of diluted net income per share because their effect would be anti-dilutive.
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Three Months Ended
June 30, |
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Six Months Ended
June 30, |
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(In thousands) |
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2026 |
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2025 |
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2026 |
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2025 |
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Shares of common stock equivalents |
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315 |
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2 |
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167 |
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1 |
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