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EARNINGS PER SHARE
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
The Company presents basic and diluted earnings per share for its common stock. Basic earnings per share is calculated by dividing the net income of the Company by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is determined by adjusting the profit or loss and the weighted average number of shares of common stock outstanding for the effects of all potentially dilutive securities.
The earnings are used as the basis of determining whether the inclusion of common stock equivalents would be anti-dilutive. The computation of diluted shares for the three months ended March 31, 2024 and 2023 includes the effect of shares that would be issued in connection with warrants, stock options, restricted stock awards and performance stock unit awards, as these common stock equivalents are dilutive to the earnings per share recorded in those periods.
The following table presents the Company’s common stock equivalents that were excluded from the calculation of earnings per share as they would be anti-dilutive:
Three Months Ended March 31,
20242023
Stock option awards880,815 871,491 
Restricted stock awards279,144 342,894 
Performance stock unit awards149,561 90,159 
The following table presents the Company’s basic earnings per share and shares outstanding (in thousands, except per share data):
Three Months Ended March 31,
20242023
Numerator:
Net income$44,791 $39,208 
Denominator:
Weighted average number of common shares outstanding173,928 181,262 
Earnings per common share:
Earnings per common share, basic$0.26 $0.22 
The following table presents the Company’s diluted earnings per share and shares outstanding (in thousands, except per share data):
Three Months Ended March 31,
 20242023
Numerator:
Net income$44,791 $39,208 
Denominator:
Weighted average number of common shares outstanding173,928 181,262 
Effect of dilutive securities1,696 1,473 
Weighted average number of common shares outstanding, diluted175,624 182,735 
Earnings per common share:
Earnings per common share, diluted$0.26 $0.21