Computation of Earnings Per Share

6 Months Ended

Jun. 30, 2023

(2) Computation of Earnings Per Share

The calculation of basic earnings per common share and diluted earnings per common share was as follows (in thousands, except per share amounts):


	Second Quarter				Six Months
	2023		2022		2023		2022
Numerator:
Net income	$	91,319	$	109,245	$	167,416	$	188,669
Denominator:
Denominator for basic earnings per share–weighted average common shares		26,634		26,507		26,617		26,489
Dilutive effect of share-based awards		102		158		105		173
Denominator for diluted earnings per share–adjusted weighted average common shares		26,736		26,665		26,722		26,662

Basic Earnings Per Share	$	3.43	$	4.12	$	6.29	$	7.12

Diluted Earnings Per Share	$	3.42	$	4.10	$	6.27	$	7.08

For both the quarter and six months ended June 30, 2023, options and restricted stock for 14,854 shares of common stock were excluded from the calculation of diluted earnings per share because their effect was anti-dilutive. For the quarter and six months ended June 30, 2022, options and restricted stock for 38,437 and 22,493 shares of common stock, respectively, were excluded from the calculation of diluted earnings per share because their effect was anti-dilutive.