Note 13. Earnings Per Share
The following table sets forth the computation of basic and diluted net income per share attributable to common stockholders (in thousands, except share and per share data):
Years Ended December 31,
202520242023
Net income attributable to common stockholders$151,570 $118,655 $80,687 
Weighted average number of common shares outstanding, basic216,593,972 215,028,683 213,144,063 
Effect of dilutive securities(a)
5,631,805 6,341,505 7,544,553 
Weighted average number of common shares outstanding, diluted222,225,777 221,370,188 220,688,616 
Earnings per share attributable to common stockholders, basic$0.70 $0.55 $0.38 
Earnings per share attributable to common stockholders, diluted$0.68 $0.54 $0.37 
(a) For the years ended December 31, 2025, 2024, and 2023 there were potential common shares totaling approximately 1.8 million, 2.5 million, and 2.8 million, respectively, that were excluded from the computation of diluted EPS as the effect of inclusion of such shares would have been anti-dilutive.

Historical Timeline

Fiscal YearFiled
2025Feb 25, 2026Showing above
2024Feb 27, 2025
2023Feb 29, 2024
2022Feb 28, 2023
2021Mar 9, 2022

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.