16.         Earnings Per Share


The following is a reconciliation of basic and diluted EPS for the years presented in the consolidated statements of income:

Years Ended December 31,
 
 
2025
 
2024
 
2023
 
(In thousands except per share data)
Net
Income
 
Weighted
Average
Shares
 
Per
Share
Amount
 
Net
Income
 
Weighted
Average
Shares
 
Per
Share
Amount
 
Net
Income
 
Weighted
Average
Shares
 
Per
Share
Amount
 
Basic EPS
 
$
169,235
     
50,651
   
$
3.34
   
$
140,641
     
47,165
   
$
2.98
   
$
118,782
     
44,528
   
$
2.67
 
Effect of dilutive securities:
                                                                       
Stock-based compensation
           
224
                     
268
                     
242
         
Diluted EPS
 
$
169,235
     
50,875
   
$
3.33
   
$
140,641
     
47,433
   
$
2.97
   
$
118,782
     
44,770
   
$
2.65
 

There was a nominal number of weighted average stock options outstanding for the year ended December 31, 2023, that were not considered in the calculation of diluted EPS since the stock options’ exercise prices were greater than the average market price during these periods.

Historical Timeline

Fiscal YearFiled
2025Feb 27, 2026Showing above
2024Feb 28, 2025
2023Feb 29, 2024
2022Mar 1, 2023
2021Mar 1, 2022
2020Mar 1, 2021
2019Mar 2, 2020
2018Mar 1, 2019
2017Mar 1, 2018
2016Mar 1, 2017
2015Feb 29, 2016

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.