EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2022

Basic earnings per share (“EPS”) computations are calculated utilizing the weighted average number of shares of the Company’s common stock outstanding during the periods presented. Diluted EPS is calculated utilizing the weighted average number of shares of the Company’s common stock outstanding adjusted for the effect of dilutive common stock equivalents.

The following table sets forth the computation of basic and diluted EPS (in thousands, except per share data):


	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021

Numerator:
Net income	$	39,113	$	46,963	$	80,894	$	88,026

Denominator:
Weighted average shares of common stock outstanding	11,354		11,753		11,455		11,762
Effect of dilutive common stock equivalents	81		105		79		107
Weighted average shares of common stock outstanding	11,435		11,858		11,534		11,869

Earnings per share - basic	$	3.44	$	4.00	$	7.06	$	7.48

Earnings per share - diluted	$	3.42	$	3.96	$	7.01	$	7.42

The calculation of diluted EPS excluded 3 and 0 antidilutive restricted stock awards for the three months ended June 30, 2022 and 2021, respectively, and 1 and 0 antidilutive restricted stock awards for the six months ended June 30, 2022 and 2021, respectively. EPS is computed independently for each of the periods presented above, and accordingly, the sum of the quarterly earnings per common share may not equal the year-to-date total computed.