Equity and EPS

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Equity and EPS

Equity and EPS

The following table presents computations of basic and diluted EPS:

	Quarter Ended September 30,				Year to Date Ended September 30,
	2023		2022		2023		2022
Operations:
Net income(a)	$	13,088	$	23,628	$	76,084	$	86,361
Net loss attributable to noncontrolling interest	123		180		324		444
Income attributable to participating securities (unvested shares and units)(b)	(129)		(188)		(760)		(688)
Net income used in EPS calculation	$	13,082	$	23,620	$	75,648	$	86,117
Share information:
Basic weighted average common shares(c)	22,066,159		22,008,381		22,056,270		22,000,026
Diluted weighted average common shares(d)	22,381,516		22,228,814		22,207,031		22,000,026
Basic EPS	$	0.59	$	1.07	$	3.43	$	3.91
Diluted EPS	$	0.58	$	1.06	$	3.41	$	3.91

(a)Net income attributable to all stockholders.

(b)Participating securities included 226,410 and 176,398 unvested restricted stock units (“RSUs”) at September 30, 2023 and 2022, respectively.

(c)Under the two-class method, basic weighted average common shares exclude unvested participating securities.

(d)The impacts of the Convertible Senior Notes were included in the diluted weighted average common shares if the inclusion was dilutive. The Convertible Senior Notes would only have a dilutive impact if the average market price per share during the quarter and year to date period exceeds the conversion price of $96.24 per share.

Common Stock Share Activity. The following table presents the Company’s share activity:

	Shares Outstanding
	Capital Stock Preferred	Common Stock
Balance, December 31, 2022	437	21,994,042
Issuance of Common Stock	—	23,324
Repurchase of Common Stock (a)	—	(8,437)
Balance, March 31, 2023	437	22,008,929
Issuance of Common Stock	—	5,445
Repurchase of Common Stock(a)	—	—
Balance, June 30, 2023	437	22,014,374
Issuance of Common Stock	—	822
Repurchase of Common Stock(a)	—	—
Balance, September 30, 2023	437	22,015,196

	Shares Outstanding
	Capital Stock Preferred	Common Stock
Balance, December 31, 2021	437	21,964,314
Issuance of Common Stock	—	29,807
Repurchase of Common Stock (a)	—	(9,021)
Balance, March 31, 2022	437	21,985,100
Issuance of Common Stock	—	7,655
Repurchase of Common Stock(a)	—	(4)
Balance, June 30, 2022	437	21,992,751
Issuance of Common Stock	—	606
Repurchase of Common Stock(a)	—	(2)
Balance, September 30, 2022	437	21,993,355

(a)The Common Stock repurchases were for tax withholding on equity-based compensation.