Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share

Summary of basic and diluted earnings per share calculations

	Quarter ended March 31,
	2024		2023
	(in thousands, except per share amounts)
Net income	$	39,308	$	30,378
Weighted average shares of common stock outstanding		50,547		50,154
Effect of dilutive securities - shares issuable under stock-based compensation plan		2,553		3,198
Weighted average diluted shares of common stock outstanding		53,100		53,352
Basic earnings per share	$	0.78	$	0.61
Diluted earnings per share	$	0.74	$	0.57

Schedule of anti-dilutive shares outstanding

	Quarter ended March 31,
	2024		2023
	(in thousands except for weighted average exercise price)
Performance-based RSUs (1)		681		431
Time-based RSUs		51		72
Stock options (2)		66		348
Total anti-dilutive units and options		798		851
Weighted average exercise price of anti-dilutive stock options (2)	$	84.93	$	58.21

(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 quarter.