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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2024
Equity [Abstract] |
Stockholders' Equity | 12. STOCKHOLDERS’ EQUITY Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share (in thousands, except share and per share data):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |
Net income available to common shareholders |  | $ | 40,553 |  |  | $ | 65,266 |  |  | $ | 216,620 |  |  | $ | 183,433 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Basic weighted average shares outstanding |  |  | 108,258,401 |  |  |  | 108,583,009 |  |  |  | 108,529,825 |  |  |  | 108,707,699 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |
Stock appreciation rights and options |  |  | 38,602 |  |  |  | 80,256 |  |  |  | 54,679 |  |  |  | 72,580 |
Restricted stock |  |  | 82,413 |  |  |  | 39,230 |  |  |  | 74,614 |  |  |  | 49,095 |
Diluted weighted average shares outstanding |  |  | 108,379,416 |  |  |  | 108,702,495 |  |  |  | 108,659,118 |  |  |  | 108,829,374 |
Basic earnings per share |  | $ | 0.37 |  |  | $ | 0.60 |  |  | $ | 2.00 |  |  | $ | 1.69 |
Diluted earnings per share |  | $ | 0.37 |  |  | $ | 0.60 |  |  | $ | 1.99 |  |  | $ | 1.69 |
Diluted earnings per share is computed using the weighted average number of shares determined for the basic earnings per share computation plus the dilutive effect of common stock equivalents using the treasury stock method. The computation of diluted earnings per share excludes the following potentially dilutive securities because the effect would be anti-dilutive:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Stock appreciation rights |  |  | 70,979 |  |  |  | 86,250 |  |  |  | 66,387 |  |  |  | 95,467 |
Restricted stock |  |  | 51,001 |  |  |  | — |  |  |  | 33,199 |  |  |  | 69,764 |
Stock Repurchase Program On February 16, 2018, the Board of Directors adopted the 2018 Stock Repurchase Program of up to 11.6 million shares of the Company’s outstanding common stock (Stock Repurchase Program). On May 4, 2023, the Trex Board of Directors adopted a new stock repurchase program (2023 Stock Repurchase Program) of up to 10.8 million shares of its outstanding common stock, and terminated the existing Stock Repurchase Program. The 2023 Stock Repurchase Program has no set expiration date. During the nine months ended September 30, 2024, Trex repurchased 822,400 shares of its outstanding common stock under the 2023 Stock Repurchase Program.

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