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Earnings Per Share
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The Company’s shares of restricted stock contain rights to receive nonforfeitable dividends and thus are participating securities requiring the computation of basic earnings per share (“EPS”) using the two-class method. As the shares of restricted stock are both potential shares of common stock and participating securities, the Company calculates diluted earnings per share by the more dilutive of the treasury stock method or the two-class method. The calculation of EPS for net income available to common shareholders excludes the distribution of dividends and undistributed earnings attributable to participating securities from the numerator. The diluted earnings weighted average shares of common stock outstanding includes stock options, PVRSUs and RSUs.
The computation of basic and diluted earnings per common share is as follows:
 Year Ended December 31,
 (in thousands, except per share amounts)202220212020
Numerator:
Net income$332,152 $288,957 $75,387 
Income allocated to participating securities(1,881)(1,125)(423)
Net income available to common shareholders$330,271 $287,832 $74,964 
Denominator:
Weighted average common shares outstanding - basic54,595 55,379 55,175 
Basic earnings per share$6.05 $5.20 $1.36 
Numerator:
Net income$332,152 $288,957 $75,387 
Income allocated to participating securities(1,881)(1,125)(423)
Net income available to common shareholders$330,271 $287,832 $74,964 
Denominator:
Weighted average common shares outstanding - basic54,595 55,379 55,175 
Diluted effect of stock options and PVRSUs526 504 354 
Weighted average common shares outstanding - diluted55,121 55,883 55,529 
Diluted earnings per share$5.99 $5.15 $1.35 
The following securities have been excluded from the calculation of diluted weighted average common shares outstanding as the inclusion of these securities would have an anti-dilutive effect:
 Year Ended December 31,
(in thousands)202220212020
Stock Options153 — 155 
PVRSUs— 155 231