Earnings per Share

12 Months Ended

Dec. 31, 2023


NOTE 15 — EARNINGS PER SHARE

Earnings per share ("EPS") is presented on both a basic and diluted basis. Basic EPS is based on the weighted average number of common shares outstanding. Diluted EPS reflects the potential dilution that could occur if outstanding securities or other contracts to issue common stock were exercised or converted into common stock.

A reconciliation of the common shares used in the denominator for computing basic and diluted EPS is as follows:


	Year Ended December 31,
(in thousands, except per share amounts)		2023		2022		2021
Weighted average common shares outstanding, used in computing basic earnings per share		61,232		62,754		65,942
Effect of dilutive stock options and restricted stock units		192		216		473
Weighted average common shares outstanding, used in computing diluted earnings per share		61,424		62,970		66,415

Earnings per share:
Basic		$	4.11	$	4.96	$	5.37
Diluted		$	4.09	$	4.95	$	5.33

Anti-dilutive common shares (1)		1,996		1,735		844

(1) Common stock related to stock options and service-based restricted stock units, and performance-based restricted stock units were outstanding but were excluded from the computation of diluted EPS because their effect would be anti-dilutive under the treasury stock method or because the shares were subject to performance conditions that had not been met.