Earnings Per Share

3 Months Ended

Mar. 31, 2024

Basic earnings per share (“EPS”) is computed based on the weighted average number of shares outstanding during the period. Diluted EPS is computed based upon the weighted average number of shares outstanding during the period plus unvested restricted stock and other unvested awards granted pursuant to our incentive and equity compensation plans. The computation of diluted EPS reflects the potential dilution that could occur if all outstanding awards under the incentive and equity compensation plans were converted into shares of Common Stock or resulted in the issuance of shares of Common Stock that would then share in the earnings of the Company. The number of dilutive securities is computed using the treasury stock method.

The following table sets forth the computation of EPS for the three months ended March 31, 2024 and 2023 (in thousands, except number of shares and per share data):


	Three Months Ended March 31,
	2024		2023
Net income	$	114,417	$	86,568

Basic earnings per share:
Weighted average shares outstanding for basic earnings per share	23,003,001		23,079,251
Basic earnings per share	$	4.97	$	3.75

Diluted earnings per share:
Weighted average shares outstanding for basic earnings per share	23,003,001		23,079,251
Effect of dilutive securities:
Incentive and equity compensation plans	17,248		15,942
Weighted average shares outstanding for diluted earnings per share	23,020,249		23,095,193
Diluted earnings per share	$	4.97	$	3.75

Restricted stock, if any, is included in the number of shares of Common Stock issued and outstanding, but omitted from the basic EPS calculation until such time as the shares of restricted stock vest. Certain stock awards granted are not included in the dilutive securities in the table above as they are anti-dilutive for the three months ended March 31, 2024 and 2023.