Earnings Per Share

3 Months Ended

Mar. 31, 2024

NOTE 11 – EARNINGS PER SHARE

The Company’s earnings per share (“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 the Company’s common stock options, restricted stock units (“RSUs”), and performance share awards (“PSAs”) were exercised or converted into the Company’s common 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 March 31, 2024, the PSAs granted during the year ended December 31, 2022 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, 2023 and during the three months ended March 31, 2024 have not yet completed their initial two-year performance period and therefore were excluded from the calculation of diluted EPS.

EPS, including the dilutive effect of stock awards for each period reported is summarized below:


	Three Months Ended
	March 31,
(in thousands, except per share data)	2024		2023
Net Income	$	27,317	$	16,398

Weighted-average number of basic shares outstanding during the period		18,757		18,779
Dilutive effect of stock awards		189		170
Weighted-average number of diluted shares outstanding during the period		18,946		18,949

Basic earnings per share	$	1.46	$	0.87
Diluted earnings per share	$	1.44	$	0.87