We use the treasury stock method to calculate earnings per share as our currently issued non-vested RSUs and PSUs do not have participating rights.

The following table sets forth the computation of basic and diluted earnings per share (which we refer to as “EPS”) for the three and nine months ended September 30, 2026 and 2025 (in thousands, except share and per share information):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Numerator
Net income	$	12,617	$	37,403	$	73,174	$	111,641
Denominator
Weighted average common shares outstanding - basic		28,363,406		29,645,795		28,722,425		30,266,752
Dilutive effect of stock-based compensation awards		112,862		373,358		52,089		344,259
Weighted average common shares outstanding - diluted		28,476,268		30,019,153		28,774,514		30,611,011
Earnings per share:
Basic	$	0.44	$	1.26	$	2.55	$	3.69
Diluted	$	0.44	$	1.25	$	2.54	$	3.65

Stock-based awards are excluded from the calculation of diluted EPS in the event they are subject to unsatisfied performance conditions or are antidilutive. We excluded 1.2 million and 1.1 million common stock unit equivalents from diluted earnings per share during the three and nine months ended September 30, 2026, respectively, and we excluded 0.7 million and 0.7 million common stock unit equivalents from diluted earnings per share during the three and nine months ended September 30, 2025, respectively, related to the PSUs for which performance conditions remained unsatisfied, assuming maximum levels of performance achievement. We excluded 0.0 million and 0.2 million antidilutive common stock unit equivalents from diluted earnings per share during the three and nine months ended September 30, 2026 and we excluded 0.3 million and 0.3 million antidilutive common stock unit equivalents from diluted earnings per share during the three and nine months ended September 30, 2025, respectively.