EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Basic and Diluted Earnings per Common Share

Basic and diluted earnings per common share were calculated as follows (in thousands, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Basic weighted average number of shares outstanding	36,226		36,603		36,286		36,677
Effect of dilutive securities:

Unvested restricted stock	443		475		415		432
Diluted average shares outstanding	36,669		37,078		36,701		37,109
Net earnings	$	195,966	$	221,760	$	613,537	$	539,897


Basic earnings per share	$	5.41	$	6.06	$	16.91	$	14.72
Diluted earnings per share	$	5.34	$	5.98	$	16.72	$	14.55

We compute basic earnings per share by dividing net earnings by the weighted average number of common shares outstanding during the period. Diluted earnings per share gives effect to the potential dilution that could occur if securities or contracts to issue common stock that are dilutive were exercised or converted into common stock or resulted in the issuance of common stock that then shared in our earnings. In accordance with ASC 260-10, Earnings Per Share, we calculate the dilutive effect of the 2028 Convertible Notes using the "if-converted" method. As discussed in Note 6, the Company will settle any convertible note conversions by paying cash up to the principal amount of notes and settle any additional value in cash, shares of common stock or a combination of cash and shares of common stock, at the Company’s election. As the Company will settle the principal amount of convertible notes in cash upon conversion, the convertible notes only have a dilutive impact when the average share price of the Company’s common stock exceeds the conversion price, in any applicable period.