Earnings Per Share

3 Months Ended

Mar. 31, 2023

15. 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, 2023 and 2022 (in thousands, except share and per share information):


	Three Months Ended March 31,
	2023		2022
Numerator
Net income	$	33,311	$	142,496
Denominator
Weighted average common shares outstanding - basic		31,914,414		33,530,610
Dilutive effect of stock-based compensation awards		202,668		411,624
Weighted average common shares outstanding - diluted		32,117,082		33,942,234
Earnings per share:
Basic	$	1.04	$	4.25
Diluted	$	1.04	$	4.20

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 0.5 million and 0.6 million common stock unit equivalents from diluted earnings per share during each of the three months ended March 31, 2023 and 2022, respectively, related to the PSUs for which performance conditions remained unsatisfied.