EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2024

Basic earnings per share (“EPS”) is calculated using the average number of shares of common stock outstanding during each period. For the calculation of diluted shares, the Company assumes that restricted stock is outstanding on the date of vesting, and the Company assumes the issuance of shares from the exercise of stock options using the treasury stock method.

A reconciliation of reported net income (loss) to net income (loss) used in calculating EPS as well as a reconciliation from basic to diluted shares follows:


	Year Ended December 31,
	2024		2023		2022

	(in thousands)
Net income (numerator):
Net income	$	58,490	$	60,354	$	51,890
Income attributable to unvested shares	(714)		(632)		(593)
Numerator for basic	57,776		59,722		51,297
Loss attributable to unvested shares	—		1		3
Numerator for dilutive	$	57,776	$	59,723	$	51,300

Weighted average shares (denominator):
Basic weighted average shares outstanding	103,669		106,376		69,568
Effect of dilutive securities	78		179		414
Diluted weighted average shares outstanding	103,747		106,555		69,982
Stock options and unvested restricted stock grants excluded from dilutive calculation because they would be anti-dilutive	516		385		189