Earnings Per Share

12 Months Ended

Dec. 31, 2024

Basic earnings per share was calculated by dividing our net income by the weighted average number of common shares outstanding during the period, excluding unvested RSAs which are considered to be contingently issuable. To calculate diluted earnings per share, common share equivalents are added to the weighted average number of common shares outstanding. Common share equivalents are calculated using the treasury stock method and are computed based on outstanding stock-based awards. Stock-based awards of approximately 190,000 shares, 297,500 shares, and 63,500 shares were excluded from the calculation of diluted earnings per share for the years ended December 31, 2024, 2023, and 2022, respectively, as their effect would have been anti-dilutive.

The following table sets forth the computation of basic earnings per share and diluted earnings per share:


	For the Year Ended December 31,
(in thousands, except per share data)	2024		2023		2022
Numerator:
Net income	$	190,004	$	129,259	$	121,549
Denominator:
Weighted average basic shares outstanding	30,797		31,455		31,434
Effect of compensation awards	159		78		109
Weighted average diluted shares outstanding	30,956		31,533		31,543
Earnings Per Share:
Basic	$	6.17	$	4.11	$	3.87
Diluted	$	6.14	$	4.10	$	3.85