Earnings Per Share

12 Months Ended

Dec. 31, 2024

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 using the two-class method. The shares of restricted stock are both potential shares of common stock and participating securities so the Company calculates diluted earnings per share by using the more dilutive of the treasury stock method or the two-class method. The calculation of earnings per share for the net income available to common shareholders excludes the distribution of dividends and the undistributed earnings attributable to the participating securities from the numerator. The diluted earnings per share includes stock options, PVRSUs, and RSUs in the calculation of the weighted average shares of common stock outstanding.

The computation of basic and diluted earnings per share was as follows:


	Year Ended December 31,
(in thousands, except per share amounts)	2024		2023		2022
Numerator:
Net income	$	299,665	$	258,507	$	332,152
Income allocated to participating securities	(1,521)		(1,379)		(1,881)
Net income available to common shareholders	$	298,144	$	257,128	$	330,271
Denominator:
Weighted average shares of common stock outstanding - basic	47,653		50,341		54,595
Basic earnings per share	$	6.26	$	5.11	$	6.05

Numerator:
Net income	$	299,665	$	258,507	$	332,152
Income allocated to participating securities	(1,521)		(1,379)		(1,881)
Net income available to common shareholders	$	298,144	$	257,128	$	330,271
Denominator:
Weighted average shares of common stock outstanding - basic	47,653		50,341		54,595
Dilutive effect of stock options, PVRSUs, and RSUs	425		359		526
Weighted average shares of common stock outstanding - diluted	48,078		50,700		55,121


Diluted earnings per share	$	6.20	$	5.07	$	5.99

The following securities have been excluded from the calculation of the diluted weighted average shares of common stock outstanding because the inclusion of these securities would have an anti-dilutive effect:


	Year Ended December 31,
(in thousands)	2024	2023	2022
Stock options	147	232	153
PVRSUs	7	71	—