Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2025

The following table presents the computations of basic and dilutive earnings per common share:


	Years Ended December 31,
	2025		2024		2023
Numerator:
Net income	$	62,870	$	69,190	$	48,155
Adjustment for interest expense recognized on convertible senior notes, net of tax	6,007		5,863		5,889
Net income — diluted	$	68,877	$	75,053	$	54,044
Denominator:
Weighted-average shares outstanding — basic	31,706,429		32,273,850		33,741,213
Effect of dilutive securities:
Stock options	243,041		369,662		271,540
Restricted stock units	1,017,568		1,064,851		714,190
Performance share units	128,350		109,512		267,761
Convertible senior notes	6,606,305		6,606,305		6,793,421
Weighted average shares outstanding — diluted	39,701,693		40,424,180		41,788,125

Earnings per share — basic	$	1.98	$	2.14	$	1.43
Earnings per share — diluted	$	1.73	$	1.86	$	1.29

The following table presents dilutive securities excluded from the calculation of diluted earnings per share:


	Years Ended December 31,
	2025	2024	2023
Stock options	130,344	130,344	259,405
Restricted stock units	26,765	232,269	31,050
Performance share units	217,490	232,572	308,680
Employee stock purchase plan	37,593	17,946	18,591

COLLEGIUM PHARMACEUTICAL, INC 10-K