EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2023

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE I – EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per common share:

	Three Months Ended				Six Months Ended
	June 30				June 30
	2023		2022		2023		2022
	(in thousands, except share and per share data)
Basic
Numerator:
Net income from continuing operations	$	39,600	$	101,542	$	58,447	$	169,550
Net income from discontinued operations		843		919		53,279		2,480
Net income	$	40,443	$	102,461	$	111,726	$	172,030
Denominator:
Weighted-average shares		24,064,882		24,607,362		24,175,893		24,658,739
Basic earnings per common share
Continuing operations	$	1.65	$	4.13	$	2.42	$	6.88
Discontinued operations		0.04		0.04		2.20		0.10
Total basic earnings per common share(1)	$	1.68	$	4.16	$	4.62	$	6.98
Diluted
Numerator:
Net income from continuing operations	$	39,600	$	101,542	$	58,447	$	169,550
Net income from discontinued operations		843		919		53,279		2,480
Net income	$	40,443	$	102,461	$	111,726	$	172,030
Denominator:
Weighted-average shares		24,064,882		24,607,362		24,175,893		24,658,739
Effect of dilutive securities		608,066		988,669		688,798		1,097,575
Adjusted weighted-average shares and assumed conversions		24,672,948		25,596,031		24,864,691		25,756,314
Diluted earnings per common share
Continuing operations	$	1.60	$	3.97	$	2.35	$	6.58
Discontinued operations		0.03		0.04		2.14		0.10
Total diluted earnings per common share(1)	$	1.64	$	4.00	$	4.49	$	6.68

(1) Earnings per common share is calculated in total and may not equal the sum of earnings per common share from continuing operations and discontinued operations due to rounding.