Earnings Per Share

6 Months Ended

Jun. 30, 2022

The Company computes earnings per share using the treasury stock method. Under the treasury stock method, basic earnings per share are computed by dividing net income available to stockholders by the weighted average number of common shares outstanding during the period, and diluted earnings per share are computed by dividing net income available to stockholders by the weighted average number of common shares outstanding during the period plus all potentially dilutive common stock equivalents, except in cases where the effect of the common stock equivalent would be anti-dilutive.

Net income and the weighted average number of common shares used to compute basic and diluted earnings per share were as follows:


	Three months ended June 30,				Six months ended June 30,
(in thousands, except per share data)	2022		2021		2022		2021
Numerator:
Net income	$	19,684	$	21,219	$	40,372	$	41,147

Denominator:
Weighted average common shares outstanding	16,894		16,854		16,904		16,807
Weighted average dilutive securities	176		271		237		286
Weighted average common shares outstanding, diluted	17,070		17,125		17,141		17,093

Income per common share:
Basic	$	1.17	$	1.26	$	2.39	$	2.45
Diluted	$	1.15	$	1.24	$	2.36	$	2.41

For the three and six months ended June 30, 2022 and 2021, certain common stock equivalents were excluded from the calculation of dilutive securities because their inclusion would either have been anti-dilutive or, for stock options, the exercise prices of those stock options were greater than the average market price of the Company’s common stock for the period. All of the Company’s unvested time-vested stock awards were included in the computation of weighted average dilutive securities.

The following table summarizes the shares of common stock underlying the Company’s unvested time-vested stock awards and performance awards that were excluded from the calculation of dilutive securities:


	Three months ended June 30,		Six months ended June 30,
(in thousands)	2022	2021	2022	2021
Time-vested stock awards	35	—	35	—
Performance awards	32	17	32	17

Share Repurchases

On May 4, 2022, the Company announced that its Board of Directors had authorized a new $75.0 million share repurchase program (the "Repurchase Program"). The Repurchase Program was authorized by the Board of Directors on

May 3, 2022 and became effective on May 5, 2022. The Repurchase Program will expire on November 7, 2022, or when the

authorized funds are exhausted, whichever is earlier.

During the six months ended June 30, 2022, the Company repurchased 280,907 shares of its common stock under the Repurchase Program at a weighted-average price of $83.54 per share. Additionally, during the six months ended June 30, 2022 the Company repurchased 68,675 shares of stock, for approximately $6.8 million, from its employees to satisfy tax obligations on shares vested under the LTIP. All of the shares repurchased were retired. The shares repurchased resulted in no change to authorized shares and an increase to unissued shares. As of June 30, 2022, the Company had $51.5 million of remaining availability to repurchase shares of the Company’s common stock under the Repurchase Program.