Earnings per Share

3 Months Ended

Mar. 31, 2023

Earnings per Share

Net income is divided by the weighted average number of common shares outstanding during the period to calculate basic earnings per share. Diluted earnings per share is calculated to give effect to RSUs. The following table summarizes the dilutive effect of RSUs to purchase common stock for the three months ended March 31, 2023 and 2022:


	Three months ended March 31,
		2023	2022
Weighted average common shares—basic		41,543,625	42,799,206
Dilutive effect of restricted stock units		258,412	310,487

Weighted average common shares—diluted		41,802,037	43,109,693

In March 2020, the Company announced its Board of Directors had authorized the Company to increase the purchase of its common stock up to $250 million in the aggregate. This announcement represented the most recent update from the initial authorization, approved in November 2015, of up to $50 million of purchases in the aggregate of its common stock. In the three months ended March 31, 2023, the Company purchased 350,862 shares of its outstanding common stock for $10.4 million. During the three months ended March 31, 2022, the Company purchased 282,003 shares of its outstanding common stock for $9.1 million. As of March 31, 2023, the Company has $95.3 million remaining under the repurchase authorization.

Holders of common stock are entitled to dividends at the discretion of the Company's Board of Directors. In 2021, the Company's Board of Directors declared the first dividend since the Company's initial public offering in 2007. During the three months ended March 31, 2023 and 2022, the Company's cash dividends declared were $0.04 per share of common stock and total dividends declared and paid on common shares were $1.7 million.