XML 29 R19.htm IDEA: XBRL DOCUMENT v3.22.2.2
EARNINGS PER SHARE
 9 Months Ended
Sep. 30, 2022
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
Basic earnings per share is calculated by dividing net income for the period by the weighted-average number of common shares outstanding for the period. In computing dilutive earnings per share, basic earnings per share is adjusted for the assumed issuance of all applicable potentially dilutive share-based awards, including common stock options, RSUs, RSAs and PSUs.

Below are basic and diluted earnings per share for the periods indicated (in thousands, except for share data):
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Net income for basic and diluted earnings per common share$16,626 $11,507 $44,264 $33,711 
Shares:
Weighted-average common shares outstanding – basic37,390,632 38,647,931 37,999,709 38,441,767 
Effect of dilutive securities:
RSUs136,602 66,964 103,526 44,843 
Stock options559,556 539,111 607,535 548,371 
RSAs270,203 25,199 149,888 11,336 
PSUs68,875 56,846 46,625 25,305 
Weighted-average common shares outstanding – diluted38,425,868 39,336,051 38,907,283 39,071,622 
Earnings per common share – basic$0.44 $0.30 $1.16 $0.88 
Earnings per common share – diluted$0.43 $0.29 $1.14 $0.86 

As of September 30, 2022, there were 12.5 thousand stock options and 15.1 thousand RSUs excluded from the diluted earnings per share calculation because, under the treasury stock method, the inclusion of these would be anti-dilutive.

As of September 30, 2021, there were 0.4 million stock options excluded from the diluted earnings per share calculation because, under the treasury stock method, the inclusion of these would be anti-dilutive.

As discussed in Note 12, the Company repurchased 1,287,714 shares and 2,015,615 shares of treasury stock for $30.1 million and $43.7 million in the three and nine months ended September 30, 2022, respectively. The effect of these repurchases on the Company’s weighted-average shares outstanding for the three and nine months ended September 30, 2022 was a reduction of 1,278,044 shares and 525,131 shares, respectively, due to the timing of the repurchases.