Earnings Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

Basic net income per share is calculated by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted net income per share assumes the conversion of all potentially dilutive securities and is calculated by dividing net income by the sum of the weighted average number of shares of common stock outstanding plus all potentially dilutive securities. Dilutive common shares consist primarily of stock options and restricted stock awards.

The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2023 and 2022:

	Three Months Ended				Nine Months Ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Numerator:	(in thousands, except share and per share data)
Net income	$	48,078	$	27,473	$	130,574	$	61,478
Denominator:
Basic weighted average shares3	81,418,800		79,777,987		81,140,473		79,543,925
Effect of dilutive shares related to stock based compensation1,3	1,974,254		1,160,087		1,993,664		1,135,815
Effect of dilutive shares related to contingent consideration2 ,3	—		—		141,071		203,058
Diluted weighted average shares3	83,393,054		80,938,074		83,275,208		80,882,798
Earnings per share:
Basic3	$	0.59	$	0.34	$	1.61	$	0.77
Dilutive3	$	0.58	$	0.34	$	1.57	$	0.76
Anti-dilutive shares:
Shares3	360,408		1,146,759		296,072		1,040,848
1 Dilutive shares related to stock options, restricted stock, PSUs and Key Employee Awards (Note 12)
2 Dilutive shares related to contingent shares issued to the former owners of BASX (Note 15)
3 Reflects three-for-two stock split effective August 16, 2023.