| NOTE 12. EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2026 and 2025 (in thousands, except per share data):
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Net income |
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$ |
36,771 |
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$ |
30,146 |
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$ |
208,162 |
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$ |
194,861 |
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Basic |
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Weighted average common shares outstanding |
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59,264 |
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62,360 |
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60,057 |
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63,243 |
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Diluted |
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29 |
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68 |
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23 |
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77 |
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Restricted stock units and awards (1) |
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602 |
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152 |
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162 |
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170 |
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Performance share units |
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91 |
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116 |
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91 |
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116 |
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— |
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3 |
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— |
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3 |
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Diluted weighted average common shares outstanding (3) |
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59,986 |
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62,699 |
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60,333 |
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63,609 |
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Basic earnings per share |
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$ |
0.62 |
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$ |
0.48 |
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$ |
3.47 |
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$ |
3.08 |
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Diluted earnings per share |
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$ |
0.61 |
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$ |
0.48 |
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$ |
3.45 |
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$ |
3.06 |
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(1) |
A total of 48 thousand and 789 thousand shares of stock-based awards were excluded from the calculation of diluted earnings per share for the three and nine months ended September 30, 2026, respectively, as their effect would be anti-dilutive. A total of 103 thousand and 73 thousand shares of stock-based awards were excluded from the calculation of diluted earnings per share for the three and nine months ended September 30, 2025, respectively, as their effect would be anti-dilutive. |
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(2) |
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. |
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(3) |
The denominator used in calculating diluted earnings per share did not include 301 thousand PSUs for the three and nine months ended September 30, 2026. The denominator used in calculating diluted earnings per share did not include 151 thousand PSUs for the three and nine months ended September 30, 2025. The performance conditions associated with these PSUs were not met and consequently none of these PSUs were considered as issuable for the three and nine months ended September 30, 2026 and 2025. |
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