Earnings Per Share
The Company has Class A common stock and Class B common stock outstanding. Because the only difference between the two classes of common stock are related to voting, transfer and conversion rights, the Company has not presented earnings per share under the two-class method, as earnings per share are the same for both Class A common stock and Class B common stock.
The following table summarizes the computation of basic and diluted earnings per share for the years ended December 31, 2025, 2024 and 2023:
Year ended December 31,
(in thousands, except share and per share data)202520242023
Numerator:
Net income available to common shareholders$102,275 $45,870 $45,690 
Denominator:
Weighted-average common shares outstanding - basic
90,026,126 88,912,835 93,938,931 
Effect of dilutive securities2,999,063 3,391,435 2,234,140 
Weighted-average common shares outstanding - diluted93,025,189 92,304,270 96,173,071 
Net income per common share:
Basic
$1.14 $0.52 $0.49 
Diluted
$1.10 $0.50 $0.48 
The Company excluded 3,149,523, 3,296,636 and 5,719,465 potential common stock equivalents from the computation of diluted EPS for the years ended December 31, 2025, 2024, and 2023, respectively, because the effect would have been anti-dilutive. As of December 31, 2025, 2024, and 2023, there were 561,288, 3,408,972 and 4,296,539 potential common stock equivalents outstanding, respectively, with market or performance conditions which were not met at the relevant date, that were excluded from the calculation of diluted EPS.

Historical Timeline

Fiscal YearFiled
2025Mar 5, 2026Showing above
2024Mar 6, 2025
2023Mar 8, 2024
2022Mar 6, 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.