EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2023

Basic earnings per share is calculated by dividing net income for the period by the weighted-average number of common shares outstanding for the period. In computing dilutive earnings per share, basic earnings per share is adjusted for the assumed issuance of all applicable potentially dilutive share-based awards, including common stock options, RSUs, RSAs and PSUs.

Below are basic and diluted earnings per share for the periods indicated (in thousands, except for share data):


	Three Months Ended March 31,
	2023		2022

Net income for basic and diluted earnings per common share	$	11,762	$	11,654

Shares:
Weighted-average common shares outstanding – basic	36,480,972		38,362,014
Effect of dilutive securities:
RSUs	140,639		62,058
Stock options	335,866		549,941
RSAs	71,206		25,935
PSUs	333,270		77,717
Weighted-average common shares outstanding – diluted	37,361,953		39,077,665

Earnings per common share – basic	$	0.32	$	0.30
Earnings per common share – diluted	$	0.31	$	0.30

As of March 31, 2023, there were 45.5 thousand RSUs, 25.1 thousand RSAs and 47.3 thousand PSUs excluded from the diluted earnings per share calculation because, under the treasury stock method, the inclusion of these would be anti-dilutive.

As of March 31, 2022, there were 304.0 thousand stock options, 55.6 thousand RSUs, 33.2 thousand RSAs and 13.1 thousand PSUs excluded from the diluted earnings per share calculation because, under the treasury stock method, the inclusion of these would be anti-dilutive.

As discussed in Note 13, the Company repurchased 316,459 and 224,388 shares of treasury stock for $7.6 million and $3.6 million in the three months ended March 31, 2023 and 2022, respectively. The effect of these repurchases on the Company’s weighted-average shares outstanding for the three months ended March 31, 2023 and 2022 was a reduction of 188,572 and 135,259 shares, respectively, due to the timing of the repurchases.