Stockholders' Equity

6 Months Ended

Jun. 30, 2025

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):

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Numerator:
Net income available to common shareholders	$	75,909	$	86,998	$	136,343	$	176,068
Denominator:
Basic weighted average shares outstanding		107,227,128		108,693,887		107,204,024		108,667,028
Effect of dilutive securities:
Stock appreciation rights and options		27,256		54,233		30,900		62,718
Restricted stock		41,819		62,176		55,348		73,335
Diluted weighted average shares outstanding		107,296,203		108,810,296		107,290,272		108,803,081
Basic earnings per share	$	0.71	$	0.80	$	1.27	$	1.62
Diluted earnings per share	$	0.71	$	0.80	$	1.27	$	1.62

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:

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Stock appreciation rights		149,278		73,050		139,174		64,091
Restricted stock		92,201		—		92,498		24,299

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. During the six months ended June 30, 2025, Trex did not repurchase any shares of its outstanding common stock under the 2023 Stock Repurchase Program.