Stockholders' Equity

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Stockholders' Equity

12. STOCKHOLDERS’ EQUITY

Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except share and per share data):

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Numerator:
Net income available to common shareholders	$	61,366	$	47,218	$	109,910	$	89,620
Denominator:
Basic weighted average shares outstanding		115,362,757		115,733,934		115,512,231		115,996,494
Effect of dilutive securities:
Stock appreciation rights and options		193,466		179,742		200,263		180,594
Restricted stock		106,403		148,312		126,689		177,626
Diluted weighted average shares outstanding		115,662,626		116,061,988		115,839,183		116,354,714
Basic earnings per share	$	0.53	$	0.41	$	0.95	$	0.77
Diluted earnings per share	$	0.53	$	0.41	$	0.95	$	0.77

Diluted earnings per share is computed using the weighted average number of shares determined for the basic earnings per share computation plus the dilutive effect of common stock equivalents using the treasury stock method. The computation of diluted earnings per share excludes the following potentially dilutive securities because the effect would be anti-dilutive:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Stock appreciation rights		15,029		39,584		11,105		28,928
Restricted stock		—		—		11,540		—

Stock Repurchase Program

On February 16, 2018, the Board of Directors adopted a stock repurchase program of up to 11.6 million shares of the Company’s outstanding common stock (Stock Repurchase Program). As of June 30, 2021, the Company has repurchased 3.3 million shares of the Company’s outstanding common stock under the Stock Repurchase Program.

Stock Split

On July 29, 2020, the Company’s Board of Directors approved a two-for-one stock split of the Company’s common stock, par value, $0.01. The stock split was in the form of a stock dividend distributed on September 14, 2020, to stockholders of record at the close of business on August 19, 2020. The stock split entitled each stockholder to receive one additional share of common stock for each share they held as of the record date. All common stock share and per share data for all periods presented in the accompanying unaudited condensed consolidated financial statements and notes thereto have been retroactively adjusted to reflect the stock split.