EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

EARNINGS PER SHARE

EARNINGS PER SHARE

The computation of basic earnings per share (EPS) is based on the weighted-average number of our common shares outstanding. The computation of diluted EPS is based on the weighted-average number of our common shares outstanding and potential dilutive common shares during the period as determined by using the treasury stock method.

The following are computations of basic and diluted earnings per share (in thousands, except for per share amounts):

	For the years ended December 31,
	2024		2023		2022
Numerator for basic and diluted earnings per share:
Net income	$	402,299	$	377,856	$	411,744
Denominator:
Weighted-average shares outstanding, basic	53,902		54,071		54,223
Dilutive impact of equity awards	297		311		264
Weighted-average shares outstanding, diluted	54,199		54,382		54,487
Basic earnings per share	$	7.46	$	6.99	$	7.59
Diluted earnings per share	$	7.42	$	6.95	$	7.56

In the table above, potentially dilutive shares outstanding include the dilutive effect of unvested restricted stock awards. Shares under the Employee Stock Purchase Plan (“ESPP”) which commenced in 2024 were issued on the last day of the year and therefore are included in the weighted-average shares outstanding when issued.

Potentially dilutive shares whose effect would have been antidilutive have been excluded from the computation of diluted earnings per share. The Company included all outstanding performance awards and restricted stock awards in the calculation of diluted earnings per share except as shown in the table below (in thousands):

	For the years ended December 31,
	2024	2023	2022
Antidilutive restricted stock awards	10	12	10
Performance stock awards for which performance criteria was not attained at reporting date	39	89	—