Earnings per Share

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2023 and 2022:


	Three months ended June 30,		Six months ended June 30,
	2023	2022	2023	2022
Weighted average common shares—basic	41,462,452	42,297,525	41,503,039	42,548,366
Dilutive effect of restricted stock units	182,732	183,674	220,572	247,080

Weighted average common shares—diluted	41,645,184	42,481,199	41,723,611	42,795,446

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 and six months ended June 30, 2023, the Company purchased 101,020 and 451,882 shares of its outstanding common stock for $2.7 million and $13.1 million, respectively. During the three and six months ended June 30, 2022, the Company purchased 645,984 and 927,987 shares of its outstanding common stock for $18.8 million and $27.9 million, respectively. As of June 30, 2023, the Company had $92.6 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 and six months ended June 30, 2023, 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 and $3.3 million, respectively. In the three and six months ended June 30, 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 and $3.5 million, respectively.