Earnings Per Share

9 Months Ended

Sep. 30, 2022

NOTE 2 – Earnings per Share

Earnings per share (“EPS”) is calculated by dividing net income attributable to common stockholders by the weighted-average number of shares of Common Stock outstanding during the period. Diluted EPS is calculated similarly but includes potential dilution from the exercise of stock options and stock awards, except when the effect would be anti-dilutive. During the three months and nine months ended September 30, 2022 and 2021, we paid no dividends on our Common Stock.

The table below sets forth the reconciliation between net income and the weighted average shares outstanding used for calculating basic and diluted EPS:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Earnings (numerator)
Net income attributable to common stockholders	$	86,386	$	68,424	$	239,232	$	163,250

Shares (denominator)
Weighted average common shares outstanding (basic)		45,475		44,986		45,283		44,689
Dilutive effect of stock options and stock awards outstanding		539		656		655		818
Adjusted weighted average common shares outstanding (diluted)		46,014		45,642		45,938		45,507

Earnings per share attributable to common stockholders
Basic	$	1.90	$	1.52	$	5.28	$	3.65
Diluted	$	1.88	$	1.50	$	5.21	$	3.59

Stock options and stock awards excluded from EPS calculation because the effect would be anti-dilutive		104		-		83		-