Earnings per Share

6 Months Ended

Jun. 30, 2023

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 six months ended June 30, 2023 and 2022, 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				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Earnings (numerator)
Net income attributable to common stockholders	$	82,020	$	80,155	$	153,170	$	152,846

Shares (denominator)
Weighted average common shares outstanding (basic)		45,733		45,265		45,667		45,185
Dilutive effect of stock options and stock awards outstanding		510		576		596		728
Adjusted weighted average common shares outstanding (diluted)		46,243		45,841		46,263		45,913

Earnings per share attributable to common stockholders
Basic	$	1.79	$	1.77	$	3.35	$	3.38
Diluted	$	1.77	$	1.75	$	3.31	$	3.33

Stock options and stock awards excluded from EPS calculation because the effect would be anti-dilutive		36		175		19		76