Earnings Per Share

9 Months Ended

Sep. 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. The shares of restricted stock are both potential shares of common stock and participating securities so the Company calculates diluted earnings per share by using the more dilutive of the treasury stock method or the two-class method. The calculation of EPS for the net income available to common shareholders excludes the distribution of dividends and the undistributed earnings attributable to the 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 was as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in thousands, except per share amounts)	2023		2022		2023		2022
Numerator:
Net income	$	92,024	$	103,080	$	229,554	$	276,639
Income allocated to participating securities	(479)		(614)		(1,235)		(1,526)
Net income available to common shareholders	$	91,545	$	102,466	$	228,319	$	275,113
Denominator:
Weighted average shares of common stock outstanding – basic	50,041		54,847		50,641		55,233
Basic earnings per share	$	1.83	$	1.87	$	4.51	$	4.98

Numerator:
Net income	$	92,024	$	103,080	$	229,554	$	276,639
Income allocated to participating securities	(479)		(614)		(1,235)		(1,526)
Net income available to common shareholders	$	91,545	$	102,466	$	228,319	$	275,113
Denominator:
Weighted average shares of common stock outstanding – basic	50,041		54,847		50,641		55,233
Dilutive effect of stock options, PVRSUs, and RSUs	430		395		413		520
Weighted average shares of common stock outstanding – diluted	50,471		55,242		51,054		55,753
Diluted earnings per share	$	1.81	$	1.85	$	4.47	$	4.93

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


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
(in thousands)	2023	2022	2023	2022
Stock options	150	170	233	154
PVRSUs	—	75	—	75