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Computation of Earnings Per Share
 9 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
Computation of Earnings Per Share

(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):

 

 

Third Quarter

 

 

Nine Months

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

98,213

 

 

$

97,891

 

 

$

265,629

 

 

$

286,560

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Denominator for basic earnings per share–weighted
     average common shares

 

 

26,644

 

 

 

26,539

 

 

 

26,626

 

 

 

26,506

 

Dilutive effect of share-based awards

 

 

135

 

 

 

137

 

 

 

129

 

 

 

157

 

Denominator for diluted earnings per share–adjusted
     weighted average common shares

 

 

26,779

 

 

 

26,676

 

 

 

26,755

 

 

 

26,663

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings Per Share

 

$

3.69

 

$

3.69

 

 

$

9.98

 

$

10.81

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Earnings Per Share

 

$

3.67

 

$

3.67

 

 

$

9.93

 

$

10.75

 

For the quarter and nine months ended September 30, 2023, options and restricted stock for 5,370 and 6,154 shares of common stock, respectively, were excluded from the calculation of diluted earnings per share because their effect was anti-dilutive. For the quarter and nine months ended September 30, 2022, options and restricted stock for 43,602 and 27,598 shares of common stock, respectively, were excluded from the calculation of diluted earnings per share because their effect was anti-dilutive.