Earnings per Share

12 Months Ended

Dec. 31, 2023

Earnings per Share

Earnings per Share

16. EARNINGS PER SHARE

Basic earnings per share is calculated by diving net income by the weighted average number of shares of common stock outstanding. For the years ended December 31, 2023, 2022 and 2021, respectively, the Company calculated Diluted net income per common share is computed under the treasury stock method by using the weighted average number of shares of common stock outstanding, plus, for periods with net income attributable to common stockholders, the potential dilutive effects of stock options, stock appreciation rights and restricted stock units.

The following table sets forth the computation of basic and diluted net income (loss) per share:

	Year Ended December 31,
	2023		2022		2021
Numerator
Net income	$	128,853	$	181,468	$	34,597
Net income available to common shareholders	$	128,853	$	181,468	$	34,597
Denominator
Net income per share of common stock - basic	$	2.17	$	3.07	$	0.60
Net income per share of common stock- diluted	$	2.13	$	2.97	$	0.58
Weighted average number of shares of common stock - basic		59,469,648		59,173,121		57,531,540
Weighted average number of shares of common stock - diluted		60,372,397		61,097,045		59,205,213

Securities outstanding that were included in the computation above, utilizing the treasury stock method are as follows:

	Year Ended December 31,
	2023		2022		2021
Stock options, SARs, and RSUs to purchase common stock		902,749		1,923,924		1,536,825
Warrants		—		—		136,848
Total		902,749		1,923,924		1,673,673

Potential common shares issuable upon conversion of preferred stock and exercise of stock options that were excluded from the computation of diluted weighted-average shares outstanding excluded from the numerator are as follows:

	Year Ended December 31,
	2023		2022		2021
Stock options, SARs, and RSUs to purchase common stock		5,786,881		4,640,231		4,289,066