Earnings per share

6 Months Ended

Jun. 30, 2023

Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the applicable period. Diluted earnings per share is computed by dividing net income by the total of the weighted average number of shares of common stock outstanding during the applicable period, plus the effect of non-vested performance share awards and restricted stock units. Common stock outstanding includes issued shares less shares held in treasury. As a result of the separation, the Company retained legal ownership of 538,921 shares of the Company's common stock that were historically owned by a subsidiary of Knife River and recorded in Treasury stock at cost. Following the separation, the 538,921 treasury shares were retired. The 538,921 shares of treasury stock did not have an impact on weighted-average shares outstanding, as they were not outstanding prior to being retired. Net income was the same for both the basic and diluted earnings per share calculations. A reconciliation of the weighted average common shares outstanding used in the basic and diluted earnings per share calculations follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
	(In thousands, except per share amounts)
Weighted average common shares outstanding - basic	203,635		203,351		203,630		203,351
Effect of dilutive performance share awards and restricted stock units	242		50		264		45
Weighted average common shares outstanding - diluted	203,877		203,401		203,894		203,396

Earnings per share - basic:
Income from continuing operations	.72		.18		1.14		.51
Discontinued operations, net of tax	(.08)		.17		(.31)		(.01)
Earnings per share - basic	.64		.35		.83		.50

Earnings per share - diluted:
Income from continuing operations	0.72		.18		1.14		.51
Discontinued operations, net of tax	(.08)		.17		(.31)		(.01)
Earnings per share - diluted	.64		.35		.83		.50

Shares excluded from the calculation of diluted earnings per share	—		52		—		175
Dividends declared per common share	$	.2225	$	.2175	$	.4450	$	.4350