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EARNINGS PER SHARE
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
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. Shares of treasury stock are not considered outstanding and therefore are excluded from the weighted-average number of common shares outstanding calculation.

Below are basic and diluted earnings per share for the periods indicated (in thousands, except for share data):
Three Months Ended March 31,
20242023
Net income
$12,106 $11,762 
Shares:
Weighted-average common shares outstanding – basic33,675,441 36,480,972 
Effect of dilutive securities
RSUs113,534 140,639 
Stock options237,985 335,866 
RSAs58,380 71,206 
PSUs103,474 333,270 
Weighted-average common shares outstanding – diluted34,188,814 37,361,953 
Earnings per common share – basic$0.36 $0.32 
Earnings per common share – diluted$0.35 $0.31 

As of March 31, 2024, there were 77.9 thousand PSUs, 202.8 thousand RSUs and 108.3 thousand RSAs 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, 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 discussed in Note 13, the Company repurchased 1,124,476 shares and 316,459 shares of its common stock in the three months ended March 31, 2024 and 2023, respectively. The effect of these repurchases on the Company’s weighted-average shares outstanding for the three months ended March 31, 2024 and 2023 was a reduction of 386,747 shares and 188,572 shares, respectively, due to the timing of the repurchases.