Stockholders' Equity

9 Months Ended

Sep. 30, 2022

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,
	2022		2021		2022		2021
Numerator:
Net income available to common shareholders	$	14,423	$	73,795	$	174,549	$	183,705
Denominator:
Basic weighted average shares outstanding		110,140,496		115,344,015		112,609,684		115,455,543
Effect of dilutive securities:
Stock appreciation rights and options		85,396		171,514		101,967		190,680
Restricted stock		74,125		110,231		76,343		121,203
Diluted weighted average shares outstanding		110,300,017		115,625,760		112,787,994		115,767,426
Basic earnings per share	$	0.13	$	0.64	$	1.55	$	1.59
Diluted earnings per share	$	0.13	$	0.64	$	1.55	$	1.59

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,
	2022		2021		2022		2021
Stock appreciation rights		47,303		14,409		41,627		12,206
Restricted stock		68,008		1,844		48,552		8,308

Stock Repurchase Program

On February 16, 2018, the Trex Board of Directors adopted a stock repurchase program of up to 11.6 million shares of its outstanding common stock (Stock Repurchase Program). As of September 30, 2022, Trex has repurchased 9.0 million shares of its outstanding common stock under the Stock Repurchase Program.