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Stockholders' Equity (Tables) | 6 Months Ended
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Jun. 30, 2023
Stockholders' Equity Note [Abstract] |
Schedule of Market Repurchase | Our open market repurchase programs are as follows:
Effective Date |  | Authorized Repurchase $ |  | Expiration Date
March 13, 2020 |  | $20 million |  | November 9, 2022
November 3, 2022 |  | $50 million |  | ** 1
1 Expiration Date is at Board's discretion. The Company is authorized to effectuate repurchases of the Company's common stock on terms and conditions approved in advance by the Board.
Schedule of Share Repurchases | Our repurchase activity is as follows:
|  | Six Months Ended
|  | June 30, 2023 |  | June 30, 2022
|  | (in thousands, except share and per share data)
Program |  | Shares |  | Total $ |  | $ per share |  | Shares |  | Total $ |  | $ per share
Open market |  | — |  |  | $ | — |  |  | $ | — |  |  | — |  |  | $ | — |  |  | $ | — |
401(k) |  | — |  |  | — |  |  | — |  |  | 103,936 |  |  | 5,913 |  |  | 56.89 |
Employees |  | 13,083 |  |  | 1,162 |  |  | 88.82 |  |  | 16,183 |  |  | 953 |  |  | 58.89 |
Total |  | 13,083 |  |  | $ | 1,162 |  |  | $ | 88.82 |  |  | 120,119 |  |  | $ | 6,866 |  |  | $ | 57.16 |
Our repurchase activity since Company inception, including our current authorized stock repurchase programs, are as follows:
|  | Inception to |  | June 30, 2023
|  | (in thousands, except share and per share data)
Program |  | Shares |  | Total $ |  | $ per share
Open market |  | 4,327,367 |  |  | $ | 81,616 |  |  | $ | 18.86 |
401(k) |  | 8,308,368 |  |  | 171,789 |  |  | 20.68 |
Directors and employees |  | 2,058,038 |  |  | 24,522 |  |  | 11.92 |
Total |  | 14,693,773 |  |  | $ | 277,927 |  |  | $ | 18.91 |
Schedule of Dividends Payable | Our recent cash dividends are as follows:
Declaration Date 1 | Record Date | Payment Date | Dividend per Share | Annualized Dividend per Share
May 18, 2022 | June 3, 2022 | July 1, 2022 | $0.19 | $0.38
November 8, 2022 | November 28, 2022 | December 16, 2022 | $0.24 | $0.48
March 1, 2023 | March 13, 2023 | March 31, 2023 | $0.12 | $0.48
May 18, 2023 | June 9, 2023 | June 30, 2023 | $0.12 | $0.48
1 Effective with the cash dividend declared on March 1, 2023 (paid on March 31, 2023), the Company moved from semi-annual cash dividends to quarterly cash dividends.
Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share for the three and six months ended June 30, 2023 and 2022:
| Three Months Ended |  | Six Months Ended
| June 30, 2023 |  | June 30, 2022 |  | June 30, 2023 |  | June 30, 2022
Numerator: | (in thousands, except share and per share data)
Net income | $ | 45,682 |  |  | $ | 15,946 |  |  | $ | 82,496 |  |  | $ | 34,005 |
Denominator: |  |  |  |  |  |  |
Basic weighted average shares | 54,293,127 |  |  | 53,095,286 |  |  | 54,175,682 |  |  | 52,992,439 |
Effect of dilutive shares related to stock based compensation 1 | 1,353,260 |  |  | 566,590 |  |  | 1,334,800 |  |  | 747,998 |
Effect of dilutive shares related to contingent consideration 2 | — |  |  | — |  |  | 141,850 |  |  | 204,179 |
Diluted weighted average shares | 55,646,387 |  |  | 53,661,876 |  |  | 55,652,332 |  |  | 53,944,616 |
Earnings per share: |  |  |  |  |  |  |
Basic | $ | 0.84 |  |  | $ | 0.30 |  |  | $ | 1.52 |  |  | $ | 0.64 |
Dilutive | $ | 0.82 |  |  | $ | 0.30 |  |  | $ | 1.48 |  |  | $ | 0.63 |
Anti-dilutive shares: |  |  |  |  |  |  |
Shares | 231,579 |  |  | 879,554 |  |  | 175,936 |  |  | 658,595 |
1 Dilutive shares related to stock options, restricted stock, PSUs and Key Employee Awards (Note 12)
2 Dilutive shares related to contingent shares issued to the former owners of BASX (Note 15)
The following table sets forth the pro forma computation of basic and diluted earnings per share for the three and six months ended June 30, 2023 and 2022:
| (unaudited)
| Three Months Ended |  | Six Months Ended
| June 30, 2023 |  | June 30, 2022 |  | June 30, 2023 |  | June 30, 2022
Numerator: | (in thousands, except share and per share data)
Net income | $ | 45,682 |  |  | $ | 15,946 |  |  | $ | 82,496 |  |  | $ | 34,005 |
Denominator: |  |  |  |  |  |  |
Basic weighted average shares | 81,439,691 |  |  | 79,642,930 |  |  | 81,263,523 |  |  | 79,488,659 |
Effect of dilutive shares related to stock based compensation 1 | 2,029,890 |  |  | 849,885 |  |  | 2,002,199 |  |  | 1,121,997 |
Effect of dilutive shares related to contingent consideration 2 | — |  |  | — |  |  | 212,776 |  |  | 306,269 |
Diluted weighted average shares | 83,469,581 |  |  | 80,492,815 |  |  | 83,478,498 |  |  | 80,916,925 |
Earnings per share: |  |  |  |  |  |  |
Basic | $ | 0.56 |  |  | $ | 0.20 |  |  | $ | 1.02 |  |  | $ | 0.43 |
Dilutive | $ | 0.55 |  |  | $ | 0.20 |  |  | $ | 0.99 |  |  | $ | 0.42 |
Anti-dilutive shares: |  |  |  |  |  |  |
Shares | 347,368 |  |  | 1,319,331 |  |  | 263,905 |  |  | 987,893 |
1 Dilutive shares related to stock options, restricted stock, PSUs and Key Employee Awards (Note 12)
2 Dilutive shares related to contingent shares issued to the former owners of BASX (Note 15)

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