Stockholders' Equity

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Stockholders' Equity

12.STOCKHOLDERS’ EQUITY

Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except share and per share data):

	Year Ended December 31,
	2024		2023		2022
Numerator:
Net income	$	226,392	$	205,384	$	184,626
Denominator:
Basic weighted average shares outstanding		108,191,635		108,680,459		111,710,676
Effect of dilutive securities:
Stock appreciation rights		51,097		71,406		94,859
Restricted stock		79,844		57,538		74,953
Diluted weighted average shares outstanding		108,322,576		108,809,403		111,880,488
Basic earnings per share	$	2.09	$	1.89	$	1.65
Diluted earnings per share	$	2.09	$	1.89	$	1.65

Diluted earnings per share is computed using the weighted average number of shares determined for the basic earnings per share computation plus the dilutive effect of common stock equivalents using the treasury stock method. The computation of diluted earnings per share excludes the following potentially dilutive securities because the effect would be anti-dilutive:

	Year Ended December 31,
	2024		2023		2022
Restricted stock		35,575		52,323		48,851
Stock appreciation rights		67,017		93,163		52,107

Stock Repurchase Program

On May 4, 2023, the Trex Board of Directors adopted a new stock repurchase program (2023 Stock Repurchase Program) of up to 10.8 million shares of its outstanding common stock, and terminated the existing Stock Repurchase Program. The 2023 Stock Repurchase Program has no set expiration date. The Company repurchased 1,580,640 shares of its outstanding common stock under the 2023 Stock Repurchase Program during 2024.