Weighted Average Common Shares

6 Months Ended

Jun. 30, 2023

14. WEIGHTED AVERAGE COMMON SHARES

Basic net income per share is calculated by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net income by the weighted average number of shares assuming dilution. Dilutive common shares outstanding is computed using the Treasury Stock Method and reflects the additional shares that would be outstanding if dilutive stock options were exercised and restricted stock units were settled for common shares during the period.

The weighted average number of common shares used to compute basic and diluted net income per share for the quarters and years to date ended June 30, 2023 and 2022 were as follows (shares in thousands):


	For the Quarter Ended June 30,				For the Year to Date Ended June 30,
	2023		2022		2023		2022
Basic common shares outstanding		67,421		68,341		67,328		68,542
Common stock equivalents		1,112		841		1,184		834
Diluted common shares outstanding		68,533		69,182		68,512		69,376

For the quarters and years to date ended June 30, 2023 and 2022, certain unexercised stock option awards are excluded from our computations of diluted earnings per share, as these shares were out-of-the-money and their effect would have been anti-dilutive. The anti-dilutive options that were excluded from our computations of diluted earnings per share were 0.3 million shares for each of the quarters and years to date ended June 30, 2023 and 2022.