Earnings Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

The components of basic and diluted earnings per share are as follows (in thousands, except share and per share data):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator for basic and diluted net income per common share:
Net income attributable to common shareholders	$	21,120	$	24,007	$	71,364	$	60,523
Net income available to participating securities (1)	—		(12)		(9)		(52)
Net income available to common shareholders from operations	$	21,120	$	23,995	$	71,355	$	60,471
Denominator:
Weighted-average outstanding shares of common stock	19,300,283		19,627,188		19,256,739		19,708,991
Dilutive effect of:
Equity incentive plans	138,490		12,649		60,478		15,744
Employee Stock Purchase Plan	3,357		8,018		4,057		6,030
Common stock and common stock equivalents	19,442,130		19,647,855		19,321,274		19,730,765
Net income per share from operations:
Basic	$	1.09	$	1.22	$	3.71	$	3.07
Diluted	$	1.09	$	1.22	$	3.69	$	3.07

(1) Represents unvested share-based payment awards that contain certain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid).

For the three months ended September 30, 2024 and 2023, there were 1,005,413 and 836,655 anti-dilutive shares, respectively, that were excluded from the earnings per share calculation. For the nine months ended September 30, 2024 and 2023, there were 1,238,732 and 704,837 anti-dilutive shares, respectively, that were excluded from the earnings per share calculation.