Earnings Per Share

9 Months Ended

Sep. 30, 2023

Basic earnings per share represent income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustments to income that would result from assumed issuance. Potential common shares that may be issued by the Company relate to outstanding stock options and restricted stock units (RSUs), and are determined using the treasury stock method. Earnings per share have been computed based on the following:


	Three months ended September 30,
(in thousands)	2023		2022
Net income	$	30,590	$	37,338
Average number of common shares outstanding	33,263		33,348
Effect of dilutive stock options and restricted stock	56		115
Average number of common shares outstanding used to calculate diluted earnings per share	33,319		33,463
Options excluded from diluted earnings per share because of their antidilutive effect	—		—


	Nine months ended September 30,
(in thousands)	2023		2022
Net income	$	91,315	$	89,076
Average number of common shares outstanding	33,259		32,332
Effect of dilutive stock options and restricted stock	97		137
Average number of common shares outstanding used to calculate diluted earnings per share	33,356		32,469
Options excluded from diluted earnings per share because of their antidilutive effect	—		—