Earnings Per Share

12 Months Ended

Dec. 31, 2022

NOTE 17 - EARNINGS PER SHARE

The Company’s EPS is computed by dividing reported net income by the weighted-average number of shares outstanding. Diluted EPS considers the potential dilution that could occur if common stock equivalents of stock options, RSUs, and PSAs were exercised or converted into stock. PSAs are included in the computation of diluted shares only to the extent that the underlying performance conditions: (i) are satisfied as of the end of the reporting period or (ii) would be considered satisfied if the end of the reporting period were the end of the related performance period and the result would be dilutive under the treasury stock method.

As of December 31, 2022, the PSAs granted during the year ended December 31, 2020 and 2021 met the related performance conditions for the initial performance period and were included in the calculation of diluted EPS. However, the PSAs granted during the year ended December 31, 2022 have not yet completed their initial two-year performance period and therefore were excluded in the calculation of diluted EPS.

For the years ended December 31, 2022, 2021, and 2020, there were immaterial RSU shares that were excluded from the calculation of EPS because they were anti-dilutive.

The dilutive effect of stock options, RSUs, and performance shares for each period reported is summarized below:


	2022		2021		2020
Net Income	$	64,243	$	71,132	$	54,959

Weighted-average number of basic shares outstanding during the period		18,818		18,868		18,841
Dilutive effect of stock options, RSUs, and performance shares		215		256		294
Weighted-average number of diluted shares outstanding during the period		19,033		19,124		19,135

Basic earnings per share	$	3.41	$	3.77	$	2.92
Diluted earnings per share	$	3.38	$	3.72	$	2.87