Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share

Summary of basic and diluted earnings per share calculations

	Quarter ended March 31,
	2023		2022
	(in thousands, except per share amounts)
Net income	$	30,378	$	173,593
Weighted average shares of common stock outstanding		50,154		55,831
Effect of dilutive securities - shares issuable under stock-based compensation plan		3,198		3,298
Weighted average diluted shares of common stock outstanding		53,352		59,129
Basic earnings per share	$	0.61	$	3.11
Diluted earnings per share	$	0.57	$	2.94

Schedule of anti-dilutive shares outstanding

	Quarter ended March 31,
	2023		2022
	(in thousands except for weighted average exercise price)
Performance-based RSUs (1)		431		300
Time-based RSUs		72		137
Stock options (2)		348		362
Total anti-dilutive units and options		851		799
Weighted average exercise price of anti-dilutive stock options (2)	$	58.21	$	57.71

(1) Certain performance-based RSUs were outstanding but not included in the computation of earnings per share because the performance thresholds included in such RSUs have not been achieved.

(2) Certain stock options were outstanding but not included in the computation of diluted earnings per share because the weighted-average exercise prices were above the average stock prices for the period.