Earnings Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per ShareThe numerator used in the calculation of both basic and diluted earnings per common share is net income. The denominator used in the calculation of basic earnings per common share is the weighted-average number of common shares outstanding during the period. The denominator used in the calculation of diluted earnings per common share is derived by adjusting basic shares outstanding for the dilutive effect of potential common shares outstanding, which consist of time- and performance-based stock awards and employee stock purchase plan shares.

The following includes the computation of the denominator for basic and diluted weighted-average shares outstanding for the three and nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30,		Nine Months Ended September 30,
(in thousands)	2023	2022	2023	2022

Weighted-Average Common Shares Outstanding – Basic	41,680	41,600	41,663	41,582
Effect of Dilutive Securities:
Stock Performance Awards	277	276	266	251
Restricted Stock Awards	100	97	97	96
Employee Stock Purchase Plan Shares	1	1	2	1
Dilutive Effect of Potential Common Shares	378	374	365	348
Weighted-Average Common Shares Outstanding – Diluted	42,058	41,974	42,028	41,930

The number of shares excluded from diluted weighted-average common shares outstanding because such shares were anti-dilutive was not material for the three and nine months ended September 30, 2023 and 2022.