Earnings Per Share

9 Months Ended

Sep. 30, 2024

NOTE 12. EARNINGS PER SHARE

Basic earnings per share of Company Common Stock is calculated by dividing the net income attributable to the Company during the period by the weighted average number of shares of Company Common Stock outstanding during the same period. Diluted earnings per share, if dilutive, includes the incremental effect of issuable shares from stock awards, as determined using the treasury stock method.

As a result of the Merger, as discussed in Note 1, Summary of Business, all historical per share data, number of shares and numbers of issuable shares from stock awards were retroactively adjusted. The following table summarizes the basic and diluted earnings per share calculations:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator:
Net income (in thousands)	$	82,586	$	15,366	$	108,537	$	55,478
Denominator:
Basic weighted average number of shares outstanding		40,728,902		30,928,647		34,139,548		30,928,647
Dilutive effect of equity awards		802,076		1,152,313		1,150,144		1,124,706
Diluted weighted average number of shares		41,530,978		32,080,960		35,289,692		32,053,353
Income per share:
Basic	$	2.03	$	0.50	$	3.18	$	1.79
Diluted	$	1.99	$	0.48	$	3.08	$	1.73
Potentially dilutive shares excluded as anti-dilutive		65,850		1,431,757		85,649		1,446,271