EARNINGS PER SHARE

9 Months Ended

Sep. 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				Nine Months Ended
	September 30				September 30
	2023		2022		2023		2022
	(in thousands, except share and per share data)
Basic
Numerator:
Net income from continuing operations	$	34,927	$	88,613	$	93,374	$	258,163
Net income (loss) from discontinued operations		(10)		229		53,269		2,709
Net income	$	34,917	$	88,842	$	146,643	$	260,872
Denominator:
Weighted-average shares		24,004,255		24,605,228		24,119,449		24,640,706
Basic earnings per common share
Continuing operations	$	1.46	$	3.60	$	3.87	$	10.48
Discontinued operations		—		0.01		2.21		0.11
Total basic earnings per common share(1)	$	1.45	$	3.61	$	6.08	$	10.59
Diluted
Numerator:
Net income from continuing operations	$	34,927	$	88,613	$	93,374	$	258,163
Net income (loss) from discontinued operations		(10)		229		53,269		2,709
Net income	$	34,917	$	88,842	$	146,643	$	260,872
Denominator:
Weighted-average shares		24,004,255		24,605,228		24,119,449		24,640,706
Effect of dilutive securities		521,003		767,527		637,544		985,519
Adjusted weighted-average shares and assumed conversions		24,525,258		25,372,755		24,756,993		25,626,225
Diluted earnings per common share
Continuing operations	$	1.42	$	3.49	$	3.77	$	10.07
Discontinued operations		—		0.01		2.15		0.11
Total diluted earnings per common share(1)	$	1.42	$	3.50	$	5.92	$	10.18

(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.