Earnings Per Share

9 Months Ended

Sep. 30, 2022

The computation of basic and diluted earnings per share ("EPS") is based on Net income divided by the basic weighted average number of common shares and diluted weighted average number of common shares, respectively. The details of the basic and diluted EPS calculations for the three and nine months ended September 30, 2022 and 2021 were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Basic
Net income	$	10,032	$	43,942	$	138,262	$	116,204
Weighted average common shares outstanding	27,944,494		28,182,810		28,103,255		28,136,511
EPS – Basic	$	0.36	$	1.56	$	4.92	$	4.13
Diluted
Dilutive effect of equity awards and other stock-based holdings	945,164		917,466		1,070,282		784,321
Weighted average common shares outstanding	28,889,658		29,100,276		29,173,537		28,920,832
EPS – Diluted	$	0.35	$	1.51	$	4.74	$	4.02

Diluted EPS is computed based upon the weighted average number of common shares outstanding for the period plus the dilutive effect of common stock equivalents using the treasury stock method and the average market price of our common stock for the period.

The diluted EPS calculations exclude the effect of stock options when the options’ assumed proceeds exceed the average market price of the common shares during the period. The anti-dilutive common stock equivalents outstanding at the three and nine months ended September 30, 2022 and 2021 were as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Options and stock equivalents	227,144	318,706	156,418	535,299

Dividend activity for the three and nine months ended September 30, 2022 and 2021 was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Cash dividends declared per share	$	0.145	$	0.125	$	0.395	$	0.125
Aggregate dividends paid to shareholders	$	4,051	$	—	$	11,083	$	—