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Earnings Per Share
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Share

NOTE 12. Earnings Per Share

The following table sets forth the reconciliation of basic earnings per share and diluted earnings per share from net income for the three and nine months ended September 30, 2024 and 2023:

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

(in thousands except per share amounts)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Net income

 

$

81,983

 

 

$

52,007

 

 

$

211,925

 

 

$

157,951

 

Shares:

 

 

 

 

 

 

 

 

 

 

 

 

Basic: Weighted average number of shares outstanding

 

 

64,875

 

 

 

65,774

 

 

 

64,667

 

 

 

66,504

 

Plus: Incremental shares from assumed conversion of dilutive instruments

 

 

1,182

 

 

 

1,902

 

 

 

1,377

 

 

 

2,132

 

Diluted: Weighted average number of shares outstanding

 

 

66,057

 

 

 

67,676

 

 

 

66,044

 

 

 

68,636

 

Earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

Basic:

 

$

1.26

 

 

$

0.79

 

 

$

3.28

 

 

$

2.38

 

Diluted:

 

$

1.24

 

 

$

0.77

 

 

$

3.21

 

 

$

2.30

 

 

Outstanding instruments excluded from the computation of weighted average shares for diluted earnings per share because the effect would be anti-dilutive were de minimis for the three and nine months ended September 30, 2024 and 2023. Holders of non-vested share-based compensation awards do not have rights to receive nonforfeitable dividends on the shares covered by the awards.