Earnings Per Share of Common Stock (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share of Common Stock

Summary of basic and diluted earnings per share calculations

	Year ended December 31,
	2024		2023		2022
	(in thousands, except per share amounts)
Net income	$	311,423	$	144,656	$	475,507
Weighted average shares of common stock outstanding		50,990		49,978		53,065
Effect of dilutive securities - shares issuable under stock-based compensation plan		2,366		2,755		2,885
Weighted average diluted shares of common stock outstanding		53,356		52,733		55,950
Basic earnings per share	$	6.11	$	2.89	$	8.96
Diluted earnings per share	$	5.84	$	2.74	$	8.50

Schedule of anti-dilutive shares outstanding

	Year ended December 31,
	2024		2023		2022
	(in thousands except for weighted average exercise price)
Performance-based RSUs (1)		775		561		281
Time-based RSUs		3		2		62
Stock options (2)		153		289		1,339
Total anti-dilutive units and options		931		852		1,682
Weighted average exercise price of anti-dilutive stock options (2)	$	84.93	$	59.42	$	58.58

(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 price for the year.