Earnings Per Share

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2023 and 2022 (in thousands, except share and per share information):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator
Net income	$	51,445	$	158,668	$	84,756	$	301,164
Denominator
Weighted average common shares outstanding - basic		32,025,186		32,839,402		31,970,106		33,183,097
Dilutive effect of stock-based compensation awards		222,210		387,981		212,439		399,803
Weighted average common shares outstanding - diluted		32,247,396		33,227,383		32,182,545		33,582,900
Earnings per share:
Basic	$	1.61	$	4.83	$	2.65	$	9.08
Diluted	$	1.60	$	4.78	$	2.63	$	8.97

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 0.9 million and 0.5 million common stock unit equivalents from diluted earnings per share during each of the three months ended June 30, 2023 and 2022, respectively, and we excluded 0.7 million and 0.5 million common stock unit equivalents from diluted earnings per share during the six months ended June 30, 2023 and 2022, respectively, related to the PSUs for which performance conditions remained unsatisfied.