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Earnings Per Share
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The Company computes basic earnings per share by dividing net income by the weighted-average common shares outstanding during the year. Diluted earnings per share is calculated to give effect to all potentially dilutive common shares that were outstanding during the year. Weighted-average diluted common shares outstanding primarily reflect the additional shares that would be issued upon the assumed exercise of stock options and the assumed vesting of unvested share awards. The treasury stock method has been used to compute diluted earnings per share for the three and nine months ended September 30, 2025 and 2024.
The Company issued SARs and RSAs, all of which have been evaluated for their potentially dilutive effect under the treasury stock method. See Note 13. Stock-Based Compensation in the Company’s 2024 Annual Report for additional information on the SARs and the RSAs.
The computations of basic and diluted earnings per share are as follows:
(in thousands, except per share basis)For the Three Months Ended September 30,For the Nine Months Ended September 30,
2025202420252024
Numerator:
Net income – basic and diluted$27,616 $17,337 $97,910 $45,992 
Denominator:
Shares used in computing net income per share:
Weighted-average common shares outstanding – basic
23,033 22,990 23,015 22,977 
Effect of dilutive securities28 54 47 26 
Weighted-average common shares outstanding – diluted23,061 23,044 23,062 23,003 
Earnings per common share:
Earnings per share of common stock – basic$1.20 $0.75 $4.25 $2.00 
Earnings per share of common stock – diluted$1.20 $0.75 $4.25 $2.00 
The aggregate number of shares excluded from the diluted earnings per share calculations, because they would have been anti-dilutive, were none for both the three months ended September 30, 2025 and 2024 and none and 0.1 million for the nine months ended September 30, 2025 and 2024, respectively. For the three and nine months ended September 30, 2025 and 2024, SARs and RSAs were not included in the diluted earnings per share calculations as they would have been anti-dilutive because the Company’s average stock price was less than or equal to the exercise price of the SARs or the grant price of the RSAs.