Earnings Per Common Share

12 Months Ended

Dec. 31, 2023

NOTE 10. — EARNINGS PER COMMON SHARE

Basic and diluted earnings per common share gives effect, utilizing the two-class method, to the potential dilution from the issuance of shares of our common stock in settlement of RSUs which provide for non-forfeitable dividend equivalents equal to the dividends declared per common share. Basic and diluted earnings per common share is computed by dividing net earnings less dividend equivalents attributable to RSUs by the weighted average number of common shares outstanding during the year.

The following table is a reconciliation of the numerator and denominator used in the computation of basic and diluted earnings per common share using the two-class method (in thousands except per share data):


	Year ended December 31,
	2023			2022			2021
Net earnings	$	60,151		$	90,043		$	62,860
Less dividend equivalents attributable to RSUs outstanding		(2,208	)		(2,103	)		(1,437	)
Net earnings attributable to common stockholders used in basic and diluted earnings per share calculation	$	57,943		$	87,940		$	61,423
Weighted average common shares outstanding:
Basic		50,020			46,730			44,782
Incremental shares from stock-based compensation		72			106			37
Incremental shares from ATM Program forward agreements		124			2			—
Diluted		50,216			46,838			44,819
Basic earnings per common share	$	1.16		$	1.88		$	1.37
Diluted earnings per common share		1.15			1.88			1.37