Earnings Per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share The Company’s shares of restricted stock contain rights to receive nonforfeitable dividends and thus are participating securities requiring the computation of basic EPS using the two-class method. As the shares of restricted stock are both potential shares of common stock and participating securities, the Company calculates diluted earnings per share by the more dilutive of the treasury stock method or the two-class method. The calculation of EPS for net income available to common shareholders excludes the distribution of dividends and undistributed earnings attributable to participating securities from the numerator. The diluted earnings weighted average shares of common stock outstanding includes stock options, PVRSUs and RSUs.

The computation of basic and diluted earnings per share of common stock is as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in thousands, except per share amounts)	2022		2021		2022		2021
Numerator:
Net income	$	103,080	$	116,655	$	276,639	$	224,874
Income allocated to participating securities	(614)		(420)		(1,526)		(910)
Net income available to common shareholders	$	102,466	$	116,235	$	275,113	$	223,964
Denominator:
Weighted average shares of common stock outstanding – basic	54,847		55,427		55,233		55,360
Basic earnings per share	$	1.87	$	2.10	$	4.98	$	4.05
Numerator:
Net income	$	103,080	$	116,655	$	276,639	$	224,874
Income allocated to participating securities	(614)		(420)		(1,526)		(910)
Net income available to common shareholders	$	102,466	$	116,235	$	275,113	$	223,964
Denominator:
Weighted average shares of common stock outstanding – basic	54,847		55,427		55,233		55,360
Dilutive effect of stock options and PVRSUs	395		478		520		429
Weighted average shares of common stock outstanding – diluted	55,242		55,905		55,753		55,789
Diluted earnings per share	$	1.85	$	2.08	$	4.93	$	4.01

The following securities have been excluded from the calculation of diluted weighted average shares of common stock outstanding as the inclusion of these securities would have an anti-dilutive effect:

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
(in thousands)	2022	2021	2022	2021
Stock options	170	—	154	—
PVRSUs	75	155	75	155