Weighted Average Shares Outstanding

12 Months Ended

Dec. 31, 2023

Weighted Average Shares Outstanding [Abstract]

Weighted Average Shares Outstanding

Weighted Average Shares Outstanding

Net income per common share is computed in accordance with accounting standards related to earnings per share. Basic earnings per share is calculated using the weighted-average number of common shares outstanding during the year. Share-based payment awards that entitle their holders to receive nonforfeitable dividends before vesting should be considered participating securities and, as such, should be included in the calculation of basic earnings per share. The Company’s restricted stock unit awards which contain nonforfeitable rights to dividends are considered participating securities. Diluted earnings per share reflects the assumed exercise and conversion of all dilutive securities. Shares held by the Retirement Savings Plan are considered outstanding for both basic and diluted earnings per share. There are no adjustments to net income for purposes of computing income available to common stockholders for the years ended December 31, 2023, 2022 or 2021. A reconciliation of the weighted-average number of common shares outstanding used in the calculation of basic and diluted earnings per share follows:

	Weighted-Average Common Shares Outstanding
	2023	2022	2021
Basic	51,052,963	50,962,447	50,926,374
Dilutive effect of:
Stock options	86,658	20,910	74,798
Performance share awards	66,267	100,810	77,891
Diluted	51,205,888	51,084,167	51,079,063

The calculation of weighted-average diluted shares outstanding excludes all anti-dilutive shares. During 2023, 2022 and 2021, the Company excluded 1,089,449, 1,352,548 and 533,177 stock awards, respectively, from the calculation of diluted weighted-average shares outstanding as the stock awards were considered anti-dilutive.