Earnings Per Share

12 Months Ended

Dec. 31, 2022

11.

EARNINGS PER SHARE

Basic earnings per share is based on the weighted average number of shares of common stock outstanding for the period. Diluted earnings per share is computed in a similar manner to basic earnings per share after assuming the issuance of shares of common stock for all potentially dilutive shares of restricted stock whether or not they are vested.

The following is a reconciliation of net income and the shares of common stock used in the computation of basic and diluted earnings per share:


	Year Ended December 31,
	2022		2021		2020
Numerator:
Net income	$	281,389	$	195,960	$	143,453
Denominator:
Basic weighted average shares outstanding		57,928		57,885		57,620
Dilutive effect of unvested restricted stock		247		306		665
Diluted weighted average shares outstanding		58,175		58,191		58,285
Earnings per share:
Basic	$	4.86	$	3.39	$	2.49
Diluted	$	4.84	$	3.37	$	2.46