Earnings Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per ShareThe 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 shareholders 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 shareholders 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 March 31,
(in thousands, except per share data)	2023		2022
Numerator:
Net income	$	23,163	$	20,688

Denominator:
Weighted average common shares outstanding	16,618		16,916
Weighted average dilutive securities	206		217
Weighted average common shares outstanding, diluted	16,824		17,133

Income per common share:
Basic	$	1.39	$	1.22
Diluted	$	1.38	$	1.21

For the three months ended March 31, 2023 and 2022, 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 March 31,
(in thousands)	2023	2022
Time-vested stock awards	45	36
Performance awards	33	32

Share Repurchases

During the three months ended March 31, 2023 the Company repurchased 76,150 shares of stock, for approximately $7.9 million, from its employees to satisfy tax obligations on shares vested under the LTIP.

On November 2, 2022, the Company announced that its Board of Directors had authorized a $75.0 million share repurchase program (the "Repurchase Program"), which became effective on November 8, 2022. The Repurchase Program will expire on May 8, 2023, or when the authorized funds are exhausted, whichever is earlier. During the three months ended March 31, 2023, the Company had no repurchases of its common stock under the Repurchase Program. As of March 31, 2023, the Company had $75.0 million of remaining availability to repurchase shares of the Company’s common stock under the Repurchase Program.