Equity and EPS

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Equity and EPS

Equity and EPS

The following table presents computations of basic and diluted EPS:

	Quarter Ended March 31,
	2024		2023
Operations:
Net income(a)	$	20,584	$	31,032
Net loss attributable to noncontrolling interest	51		39
Income attributable to participating securities (unvested shares and units)(b)	(239)		(311)
Net income used in EPS calculation	$	20,396	$	30,760
Share information:
Basic weighted average common shares(c)	22,142,277		22,040,224
Diluted weighted average common shares(d)	22,142,277		22,072,271
Basic EPS	$	0.92	$	1.40
Diluted EPS	$	0.92	$	1.39

(a)Net income attributable to all stockholders.

(b)Participating securities included 260,651 and 227,810 unvested restricted stock units (“RSUs”) at March 31, 2024 and 2023, 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.

Share Repurchase. On February 29, 2024, the Company announced that its Board of Directors approved a $100,000 share repurchase program. Under the share repurchase program, the Company can repurchase stock from time to time for cash in open market purchases, privately negotiated transactions, or by other means, in accordance with applicable securities laws and other legal requirements. The repurchase program has no expiration date and may be modified, suspended, or discontinued at any time by the Company without prior notice. During the quarter ended March 31, 2024, the Company repurchased 59,084 shares of Common Stock for approximately $5,000, resulting in approximately $95,000 remaining under the share repurchase program.

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

	Shares Outstanding
	Capital Stock Preferred	Common Stock
Balance, December 31, 2023	437	22,016,113
Issuance of Common Stock	—	74,913
Repurchase of Common Stock (a)	—	(81,969)
Balance, March 31, 2024	437	22,009,057

	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 (b)	—	(8,437)
Balance, March 31, 2023	437	22,008,929

(a)59,084 shares that were repurchased during the quarter ended March 31, 2024 pursuant to the Company’s share repurchase program. The remaining shares repurchased were related to the tax withholding on equity-based compensation.

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