EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2022

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,
	2022		2021		2022		2021

Net income for basic and diluted earnings per common share	$	16,626	$	11,507	$	44,264	$	33,711

Shares:
Weighted-average common shares outstanding – basic	37,390,632		38,647,931		37,999,709		38,441,767
Effect of dilutive securities:
RSUs	136,602		66,964		103,526		44,843
Stock options	559,556		539,111		607,535		548,371
RSAs	270,203		25,199		149,888		11,336
PSUs	68,875		56,846		46,625		25,305
Weighted-average common shares outstanding – diluted	38,425,868		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.