Stockholders' Equity

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Numerator:
Net income available to common shareholders	$	73,795	$	42,710	$	183,705	$	132,331
Denominator:
Basic weighted average shares outstanding		115,344,015		115,773,030		115,455,543		115,921,463
Effect of dilutive securities:
Stock appreciation rights and options		171,514		202,113		190,680		187,767
Restricted stock		110,231		159,480		121,203		171,577
Diluted weighted average shares outstanding		115,625,760		116,134,623		115,767,426		116,280,807
Basic earnings per share	$	0.64	$	0.37	$	1.59	$	1.14
Diluted earnings per share	$	0.64	$	0.37	$	1.59	$	1.14

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 September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Stock appreciation rights		14,409		390		12,206		19,415
Restricted stock		1,844		—		8,308		—

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 September 30, 2021, the Company has repurchased 3.3 million shares of the Company’s outstanding common stock under the Stock Repurchase Program.