EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2023

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 September 30,				Nine months ended September 30,
	2023		2022		2023		2022

Numerator:
Net income	$	23,131	$	36,155	$	93,380	$	117,050

Denominator:
Weighted average shares of common stock outstanding	10,892		10,964		10,881		11,290
Effect of dilutive common stock equivalents	41		78		44		79
Weighted average shares of common stock outstanding	10,933		11,042		10,925		11,369

Earnings per share - basic	$	2.12	$	3.30	$	8.58	$	10.37

Earnings per share - diluted	$	2.12	$	3.27	$	8.55	$	10.30

The calculation of diluted EPS excluded 13 thousand and 10 thousand antidilutive restricted stock awards for the three months ended September 30, 2023 and 2022, respectively, and 15 thousand and 3 thousand antidilutive restricted stock awards for the nine months ended September 30, 2023 and 2022, 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.