Stockholders' Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Stockholders' Equity

11. 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):

	Year Ended December 31,
	2021		2020		2019
Numerator:
Net income	$	208,737	$	175,631	$	144,738
Denominator:
Basic weighted average shares outstanding		115,461,016		115,888,859		116,861,194
Effect of dilutive securities:
Stock appreciation rights		180,875		192,579		248,850
Restricted stock		120,952		171,428		205,454
Diluted weighted average shares outstanding		115,762,843		116,252,866		117,315,498
Basic earnings per share	$	1.81	$	1.52	$	1.24
Diluted earnings per share	$	1.80	$	1.51	$	1.24

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:

	Year Ended December 31,
	2021		2020		2019
Restricted stock		6,296		—		—
Stock appreciation rights		12,602		14,697		41,540

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 December 31, 2021, the Company has repurchased 3.6 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 consolidated financial statements and notes thereto have been retroactively adjusted to reflect the stock split.