Earnings Per Share

3 Months Ended

Mar. 31, 2026

The following table details the reconciliation of basic earnings per share to diluted earnings per share:


	Three Months Ended March 31,
	2026		2025
Numerator for basic and diluted earnings per share:
Net income	$	81,180	$	81,052
Denominator:
Weighted-average basic common shares outstanding	42,805		43,024
Assumed conversion of dilutive securities:
Stock awards	342		713
Convertible Senior Notes	—		206
Denominator for diluted earnings per share - Adjusted weighted-average shares	43,147		43,943
Earnings per common share:
Basic	$	1.90	$	1.88
Diluted	$	1.88	$	1.84

For the three months ended March 31, 2026, and 2025, stock awards representing the right to purchase common stock of approximately 390,000 and 22,000 shares, respectively, were not included in the computation of diluted earnings per share because their inclusion would have had an antidilutive effect.

We used the if-converted method for calculating any potential dilutive effect of the Notes on our diluted net income per share if our average stock price for the period exceeded the conversion price of $493.44 per share of common stock. Under the if-converted method, the Notes are assumed to be converted at the beginning of the period and the resulting common shares, if dilutive, are included in the denominator of the diluted earnings per share calculation for the entire period being presented .During the three months ended March 31, 2026, the Company repaid the $600.0 million aggregate principal amount of the Notes with no conversions, therefore no dilutive impact as reflected in the table above. For the three months ended March 31, 2025, our average stock price for the period exceeded the conversion price resulting in a dilutive impact of the if-converted method as reflected in the table above.