Earnings per Share

9 Months Ended

Sep. 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 nine months ended September 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				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Earnings (numerator)
Net income attributable to common stockholders	$	48,720	$	86,386	$	201,890	$	239,232

Shares (denominator)
Weighted average common shares outstanding (basic)		45,936		45,475		45,758		45,283
Dilutive effect of stock options and stock awards outstanding		384		539		538		655
Adjusted weighted average common shares outstanding (diluted)		46,320		46,014		46,296		45,938

Earnings per share attributable to common stockholders
Basic	$	1.06	$	1.90	$	4.41	$	5.28
Diluted	$	1.05	$	1.88	$	4.36	$	5.21

Stock options and stock awards excluded from EPS calculation because the effect would be anti-dilutive		271		104		94		83