Net Income Per Share (Notes)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Net Income per Share

7. Earnings Per Share

Basic EPS is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income by the weighted average number of common shares outstanding during the period, plus the dilutive effect of time-vested and performance-based restricted stock units (“RSUs”).

The following table summarizes the net income and the basic and diluted shares used in the earnings per share computations:

	Three Months Ended  September 30,				Nine Months Ended  September 30,
(in thousands)	2023		2022		2023		2022
Net income	$	44,332	$	37,669	$	151,821	$	141,152
Less distributed and undistributed earnings allocated to participating securities	—		—		—		(27)
Net income allocated to common shares	$	44,332	$	37,669	$	151,821	$	141,125
Weighted average common shares outstanding	37,758		38,017		37,991		38,177
Incremental shares from assumed time-vested and performance-based RSU awards	438		529		503		431
Adjusted weighted average common shares outstanding	38,196		38,546		38,494		38,608
Potentially dilutive securities not included in weighted average share calculation due to anti-dilutive effect	14		15		6		13