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Stockholders' Equity | 12 Months Ended
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Dec. 31, 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):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Numerator: |  |  |  |  |  |  |  |  |
Net income |  | $ | 226,392 |  |  | $ | 205,384 |  |  | $ | 184,626 |
Denominator: |  |  |  |  |  |  |  |  |
Basic weighted average shares outstanding |  |  | 108,191,635 |  |  |  | 108,680,459 |  |  |  | 111,710,676 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |
Stock appreciation rights |  |  | 51,097 |  |  |  | 71,406 |  |  |  | 94,859 |
Restricted stock |  |  | 79,844 |  |  |  | 57,538 |  |  |  | 74,953 |
Diluted weighted average shares outstanding |  |  | 108,322,576 |  |  |  | 108,809,403 |  |  |  | 111,880,488 |
Basic earnings per share |  | $ | 2.09 |  |  | $ | 1.89 |  |  | $ | 1.65 |
Diluted earnings per share |  | $ | 2.09 |  |  | $ | 1.89 |  |  | $ | 1.65 |
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:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Restricted stock |  |  | 35,575 |  |  |  | 52,323 |  |  |  | 48,851 |
Stock appreciation rights |  |  | 67,017 |  |  |  | 93,163 |  |  |  | 52,107 |
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. The Company repurchased 1,580,640 shares of its outstanding common stock under the 2023 Stock Repurchase Program during 2024.

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