Earnings Per Share

6 Months Ended

Jun. 30, 2023

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 Earnings per Share ("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				Six Months Ended
	June 30,				June 30,
(in thousands, except per share amounts)	2023		2022		2023		2022
Numerator:
Net income	$	84,710	$	106,168	$	137,530	$	173,559
Income allocated to participating securities	(437)		(622)		(750)		(919)
Net income available to common shareholders	$	84,273	$	105,546	$	136,780	$	172,640
Denominator:
Weighted average shares of common stock outstanding – basic	50,626		55,446		50,946		55,429
Basic earnings per share	$	1.66	$	1.90	$	2.68	$	3.11

Numerator:
Net income	$	84,710	$	106,168	$	137,530	$	173,559
Income allocated to participating securities	(437)		(622)		(750)		(919)
Net income available to common shareholders	$	84,273	$	105,546	$	136,780	$	172,640
Denominator:
Weighted average shares of common stock outstanding – basic	50,626		55,446		50,946		55,429
Dilutive effect of stock options and PVRSUs	365		524		405		583
Weighted average shares of common stock outstanding – diluted	50,991		55,970		51,351		56,012
Diluted earnings per share	$	1.65	$	1.89	$	2.66	$	3.08

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		Six Months Ended
	June 30,		June 30,
(in thousands)	2023	2022	2023	2022
Stock options	235	155	235	155
PVRSUs	—	76	—	76