Earnings Per Share

3 Months Ended

Mar. 31, 2022

14. Earnings Per Share

We use the treasury stock method to calculate earnings per share as our currently issued non-vested RSUs and PSUs do not have participating rights.

The following table sets forth the computation of basic and diluted EPS for the three months ended March 31, 2022 and 2021 (in thousands, except share and per share information):


	Three Months Ended March 31,
	2022		2021
Numerator
Net income	$	142,496	$	101,652
Denominator
Weighted average common shares outstanding - basic		33,530,610		33,563,903
Dilutive effect of restricted stock units		411,624		320,372
Weighted average common shares outstanding - diluted		33,942,234		33,884,275
Earnings per share:
Basic	$	4.25	$	3.03
Diluted	$	4.20	$	3.00

Stock-based awards are excluded from the calculation of diluted EPS in the event they are subject to unsatisfied performance conditions or are antidilutive. We excluded 0.6 million and 0.8 million common stock unit equivalents from diluted earnings per share during each of the three months ended March 31, 2022 and 2021, respectively, related to the PSUs for which performance conditions remained unsatisfied.