Earnings Per Share

6 Months Ended

Jun. 30, 2023

Earnings Per ShareThe Company computes earnings per share using the treasury stock method. Under the treasury stock method, basic earnings per share are computed by dividing net income available to shareholders by the weighted average number of common shares outstanding during the period, and diluted earnings per share are computed by dividing net income available to shareholders by the weighted average number of common shares outstanding during the period plus all potentially dilutive common stock equivalents, except in cases where the effect of the common stock equivalent would be anti-dilutive.

Net income and the weighted average number of common shares used to compute basic and diluted earnings per share were as follows:


	Three months ended June 30,				Six months ended June 30,
(in thousands, except per share data)	2023		2022		2023		2022
Numerator:
Net income	$	22,273	$	19,684	$	45,436	$	40,372

Denominator:
Weighted average common shares outstanding	16,707		16,894		16,662		16,904
Weighted average dilutive securities	102		176		155		237
Weighted average common shares outstanding, diluted	16,809		17,070		16,817		17,141

Income per common share:
Basic	$	1.33	$	1.17	$	2.73	$	2.39
Diluted	$	1.33	$	1.15	$	2.70	$	2.36

For the three and six months ended June 30, 2023 and 2022, certain common stock equivalents were excluded from the calculation of dilutive securities because their inclusion would have been anti-dilutive. All of the Company’s unvested time-vested stock awards were included in the computation of weighted average dilutive securities.

The following table summarizes the shares of common stock underlying the Company’s unvested time-vested stock awards and performance awards that were excluded from the calculation of dilutive securities:


	Three months ended June 30,		Six months ended June 30,
(in thousands)	2023	2022	2023	2022
Time-vested stock awards	—	35	—	35
Performance awards	14	32	14	32

Share Repurchases

During the six months ended June 30, 2023 the Company repurchased 76,150 shares of stock, for approximately $7.9 million, from its employees to satisfy tax obligations on shares vested under the LTIP. During the six months ended June 30, 2022 the Company repurchased 68,675 shares of stock, for approximately $6.8 million, from its employees to satisfy tax obligations on shares vested under the LTIP.

On May 2, 2023, the Company announced that its Board of Directors had authorized a new $75.0 million share repurchase program (the "Repurchase Program"), which became effective on May 9, 2023. The Repurchase Program will expire on November 8, 2023, or when the authorized funds are exhausted, whichever is earlier. During the six months ended June 30, 2023, the Company had no repurchases of its common stock under the Repurchase Program or the prior repurchase program. During the six months ended June 30, 2022, the Company repurchased 280,907 shares of its common stock under a prior repurchase program at a weighted-average price of $83.54 per share. As of June 30, 2023, the Company had $75.0 million of remaining availability to repurchase shares of the Company’s common stock under the Repurchase Program.