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EARNINGS PER SHARE
6 Months Ended
Jun. 30, 2024
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. Shares of treasury stock are not considered outstanding and therefore are excluded from the weighted-average number of common shares outstanding calculation.

Below are basic and diluted earnings per share for the periods indicated (in thousands, except for share data):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Net income
$14,033 $15,422 $26,139 $27,184 
Shares:
Weighted-average common shares outstanding – basic32,698,951 36,001,670 33,187,196 36,239,997 
Effect of dilutive securities
RSUs84,073 122,030 98,804 131,335 
Stock options110,107 329,196 174,046 332,531 
RSAs32,317 52,046 45,349 61,626 
PSUs165,358 366,732 134,416 350,001 
Weighted-average common shares outstanding – diluted33,090,806 36,871,674 33,639,811 37,115,490 
Earnings per common share – basic$0.43 $0.43 $0.79 $0.75 
Earnings per common share – diluted$0.42 $0.42 $0.78 $0.73 

As of June 30, 2024, there were approximately 213.3 thousand RSUs and 113.0 thousand RSAs excluded from the diluted earnings per share calculation because, under the treasury stock method, the inclusion of these would be anti-dilutive.

As of June 30, 2023, there were approximately 111.9 thousand RSUs and 58.4 thousand RSAs 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 13, the Company repurchased 521,651 shares and 1,646,127 shares of its common stock in the three and six months ended June 30, 2024, respectively. The effect of these repurchases on the Company’s weighted-average shares outstanding for the three and six months ended June 30, 2024 was a reduction of 1,494,643 shares and 940,695 shares, respectively, due to the timing of the repurchases.