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EARNINGS PER SHARE | 12 Months Ended
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Dec. 31, 2023
Earnings Per Share [Abstract] |
EARNINGS PER SHARE | EARNINGS PER SHARE; STOCKHOLDERS' EQUITY Basic and diluted earnings per common share were calculated as follows (in thousands, except per share amounts):
|  | Years Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Basic weighted average number of shares outstanding |  | 36,619 |  |  | 36,694 |  |  | 37,610 |
Effect of dilutive securities: |  |  |  |  |  |
Unvested restricted stock |  | 450 |  |  | 407 |  |  | 623 |
Diluted average shares outstanding |  | 37,069 |  |  | 37,101 |  |  | 38,233 |
Net earnings |  | $ | 738,748 |  |  | $ | 992,192 |  |  | $ | 737,444 |
Basic earnings per share |  | $ | 20.17 |  |  | $ | 27.04 |  |  | $ | 19.61 |
Diluted earnings per share |  | $ | 19.93 |  |  | $ | 26.74 |  |  | $ | 19.29 |
During the year ended December 31, 2023, our Board of Directors approved, and we paid, a quarterly cash dividend on common stock of $0.27 per share. Quarterly dividends declared and paid during the year ended December 31, 2023 totaled $1.08 per share. There were no such transactions in the year ended December 31, 2022. The Inflation Reduction Act of 2022, which was enacted into law on August 16, 2022, imposed a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. During the year ended December 31, 2023, we reflected the applicable excise tax in Additional paid-in capital as part of the cost basis of the stock repurchased and recorded a corresponding liability for the excise taxes payable in Accrued liabilities on the accompanying consolidated balance sheets.

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