Stockholders' Equity

12 Months Ended

Dec. 31, 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):

	Year Ended December 31,
	2022		2021		2020
Numerator:
Net income	$	184,626	$	208,737	$	175,631
Denominator:
Basic weighted average shares outstanding		111,710,676		115,461,016		115,888,859

	Year Ended December 31,
	2022		2021		2020
Effect of dilutive securities:
Stock appreciation rights		94,859		180,875		192,579
Restricted stock		74,953		120,952		171,428
Diluted weighted average shares outstanding		111,880,488		115,762,843		116,252,866
Basic earnings per share	$	1.65	$	1.81	$	1.52
Diluted earnings per share	$	1.65	$	1.80	$	1.51

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,
	2022		2021		2020
Restricted stock		48,851		6,296		—
Stock appreciation rights		52,107		12,602		14,697

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). During 2022, the Company repurchased 6.5 million shares of the Company’s outstanding common stock under the Stock Repurchase Program.