Income Per Share
For the years ended December 31, 2025 and December 31, 2024, our potentially dilutive securities included stock options, restricted stock units, performance stock units, shares to be issued under our ESPP and contingently issuable shares related to our short-term incentive compensation program.
For the year ended December 31, 2023, our potentially dilutive securities included stock options, restricted stock units, shares to be issued under our ESPP and contingently issuable shares related to our short-term incentive compensation program.

The following table sets forth the calculation of basic and diluted income per share for the years ended December 31, 2025, 2024 and 2023:
Year Ended December 31,
202520242023
Net income
$373,671 $156,240 $76,063 
Weighted-average common shares outstanding – basic
218,031 201,640 195,671 
Dilutive effect of stock-based compensation awards7,464 9,524 8,334 
Weighted-average common shares outstanding – diluted225,495 211,164 204,005 
Income per common share – basic$1.71 $0.77 $0.39 
Income per common share – diluted$1.66 $0.74 $0.37 
The following is a summary of potential shares of common stock that were antidilutive and excluded from the weighted average share computations for the years ended December 31, 2025, 2024 and 2023:
Year Ended December 31,
202520242023
Stock options71,4286,476
Restricted stock units376193
ESPP shares84
Potential common shares excluded from the weighted average share calculation3831,5126,669
For more information regarding stock options, restricted stock units and ESPP shares, see Note 11, Stockholders’ Equity.

Historical Timeline

Fiscal YearFiled
2025Feb 24, 2026Showing above
2021Mar 10, 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.