Earnings Per Share

6 Months Ended

Jun. 30, 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 (“U.S. GAAP Diluted EPS”) considers the potential dilution that could occur if the Company’s common stock options, 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 June 30, 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 U.S. GAAP Diluted EPS. However, the PSAs granted during the year ended December 31, 2023 and during the six months ended June 30, 2024 have not yet completed their initial two-year performance period and therefore were excluded from the calculation of U.S. GAAP Diluted EPS.

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in thousands, except per share data)	2024		2023		2024		2023
Net Income	$	25,611	$	20,312	$	52,928	$	36,710

Weighted-average number of basic shares outstanding during the period		18,738		18,791		18,748		18,785
Dilutive effect of stock awards		123		128		164		157
Weighted-average number of diluted shares outstanding during the period		18,861		18,919		18,912		18,942

Basic EPS	$	1.37	$	1.08	$	2.82	$	1.95
Diluted EPS	$	1.36	$	1.07	$	2.80	$	1.94

A total of 82,169 and 46,534 shares of restricted stock awards were excluded from the calculation of EPS for the three and six months ended June 30, 2024 because they were anti-dilutive. There were no shares excluded for the three months ended June 30, 2023, and 31 shares excluded for the six months ended June 30, 2023.