Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share

Summary of basic and diluted earnings per share calculations

	Quarter ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
	(in thousands, except per share amounts)
Net income	$	69,368	$	92,870	$	206,934	$	181,498
Weighted average shares of common stock outstanding		51,180		49,902		50,895		49,975
Effect of dilutive securities - shares issuable under stock-based compensation plan		2,315		2,659		2,379		2,760
Weighted average diluted shares of common stock outstanding		53,495		52,561		53,274		52,735
Basic earnings per share	$	1.36	$	1.86	$	4.07	$	3.63
Diluted earnings per share	$	1.30	$	1.77	$	3.88	$	3.44

Schedule of anti-dilutive shares outstanding

	Quarter ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
	(in thousands except for weighted average exercise price)
Performance-based RSUs (1)		809		604		772		548
Time-based RSUs		1		—		23		46
Stock options (2)		184		219		145		287
Total anti-dilutive units and options		994		823		940		881
Weighted average exercise price of anti-dilutive stock options (2)	$	84.93	$	60.69	$	84.93	$	59.31

(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.