Earnings per Share

6 Months Ended

Jun. 30, 2024

9. Earnings per Share

The computational components of basic and diluted earnings per share for the three months ended June 30, 2024 and 2023 are as follows:


	Three months ended June 30,
(in thousands)	2024		2023
Numerator (for basic and diluted earnings per share)
Net income attributable to CECO Environmental Corp.	$	4,485	$	3,724

Denominator
Basic weighted-average shares outstanding		34,918		34,619
Common stock equivalents arising from stock options and restricted stock awards		1,385		525
Diluted weighted-average shares outstanding		36,303		35,144

The computational components of basic and diluted earnings per share for the six months ended June 30, 2024 and 2023 are as follows:


	Six months ended June 30,
(in thousands)	2024		2023
Numerator (for basic and diluted earnings per share)
Net income attributable to CECO Environmental Corp.	$	5,993	$	5,701

Denominator
Basic weighted-average shares outstanding		34,882		34,531
Common stock equivalents arising from stock options and restricted stock awards		1,357		641
Diluted weighted-average shares outstanding		36,239		35,172

Options and restricted stock units included in the computation of diluted earnings per share are calculated using the treasury stock method. For the three months ended June 30, 2024 and 2023, zero and 1.3 million, respectively, and for the six months ended June 30, 2024 and 2023, 0.1 million and 0.7 million, respectively, of outstanding options and restricted stock units were excluded from the computation of diluted earnings per share due to their having an anti-dilutive effect.

Once a restricted stock unit vests, it is included in the computation of weighted average shares outstanding for purposes of basic and diluted earnings per share.

Common Stock Repurchase

On May 10, 2022, the Company's Board of Directors authorized a share repurchase program under which the Company may purchase up to $20.0 million of its outstanding shares of common stock through April 30, 2025. The authorization permits the Company to repurchase shares in the open market, through accelerated share repurchases, block trades, Rule 10b5-1 trading plans or through privately negotiated transactions in accordance with applicable laws, rules and regulations. During the three and six months ended June 30, 2024, the Company repurchased approximately 86,000 and 230,000 shares under the program, respectively, for a cost of $2.0 million and $5.0 million, respectively. There were no shares repurchased under the program during the three or six months ended June 30, 2023.