Earnings Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

16. 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 nine months ended September 30, 2024 and 2023 (in thousands, except share and per share information):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator
Net income	$	83,020	$	83,150	$	231,075	$	167,906
Denominator
Weighted average common shares outstanding - basic		31,336,756		31,962,884		31,596,995		31,967,672
Dilutive effect of stock-based compensation awards		688,259		274,138		520,922		233,005
Weighted average common shares outstanding - diluted		32,025,015		32,237,022		32,117,917		32,200,677
Earnings per share:
Basic	$	2.65	$	2.60	$	7.31	$	5.25
Diluted	$	2.59	$	2.58	$	7.19	$	5.21

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 0.4 million and 0.9 million common stock unit equivalents from diluted earnings per share during the three months ended September 30, 2024 and 2023, respectively, and we excluded 0.4 million and 0.8 million common stock unit equivalents from diluted earnings per share during the nine months ended September 30, 2024 and 2023, respectively, related to the PSUs for which performance conditions remained unsatisfied.