Net Income per Share
The following shows a reconciliation of basic earnings per share (“EPS”) to diluted EPS:
 For the Years Ended December 31,
 (in thousands, except per-share amounts)
202520242023
Net income available to common stockholders$345,083 $322,224 $353,987 
Basic weighted average shares outstanding41,718 42,182 42,598 
Dilutive effect of potential common stock equivalents143 201 239 
Diluted weighted average shares outstanding41,861 42,383 42,837 
Net earnings per share:   
Basic$8.27 $7.64 $8.31 
Diluted$8.24 $7.60 $8.26 

Historical Timeline

Fiscal YearFiled
2025Feb 27, 2026Showing above
2024Mar 3, 2025
2023Feb 28, 2024

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.