Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share

Summary of basic and diluted earnings per share calculations

	Quarter ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
	(in thousands, except per share amounts)
Net income	$	98,258	$	58,250	$	137,566	$	88,628
Weighted average shares of common stock outstanding		50,955		49,874		50,751		50,013
Effect of dilutive securities - shares issuable under stock-based compensation plan		2,249		2,390		2,389		2,790
Weighted average diluted shares of common stock outstanding		53,204		52,264		53,140		52,803
Basic earnings per share	$	1.93	$	1.17	$	2.71	$	1.77
Diluted earnings per share	$	1.85	$	1.11	$	2.59	$	1.68

Schedule of anti-dilutive shares outstanding

	Quarter ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
	(in thousands except for weighted average exercise price)
Performance-based RSUs (1)		827		608		754		520
Time-based RSUs		1		1		98		129
Stock options (2)		187		470		126		410
Total anti-dilutive units and options		1,015		1,079		978		1,059
Weighted average exercise price of anti-dilutive stock options (2)	$	84.93	$	58.92	$	84.93	$	58.62

(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.