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Earnings Per Share | 9 Months Ended
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Sep. 30, 2023
Earnings Per Share [Abstract] |
Earnings Per Share | 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 by the weighted average number of common shares outstanding during the period, and diluted earnings per share are computed by dividing net income 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 September 30, |  | Nine months ended September 30,
(in thousands, except per share data) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Numerator: |  |  |  |  |  |  |  |
Net income |  | $ | 21,512 |  |  | $ | 18,436 |  |  | $ | 66,948 |  |  | $ | 58,808 |
Denominator: |  |  |  |  |  |  |  |
Weighted average common shares outstanding |  | 16,710 |  |  | 16,659 |  |  | 16,678 |  |  | 16,822 |
Weighted average dilutive securities |  | 119 |  | 194 |  | 143 |  | 222
Weighted average common shares outstanding, diluted |  | 16,829 |  |  | 16,853 |  |  | 16,821 |  |  | 17,044 |
Income per common share: |  |  |  |  |  |  |  |
Basic |  | $ | 1.29 |  |  | $ | 1.11 |  |  | $ | 4.01 |  |  | $ | 3.50 |
Diluted |  | $ | 1.28 |  |  | $ | 1.09 |  |  | $ | 3.98 |  |  | $ | 3.45 |
For the three and nine months ended September 30, 2023 and 2022, certain common stock equivalents were excluded from the calculation of dilutive securities because their inclusion would have been anti-dilutive. 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 performance awards that were excluded from the calculation of dilutive securities:
|  | Three months ended September 30, |  | Nine months ended September 30,
(in thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Performance awards |  | — |  |  | 13 |  |  | 14 |  |  | 13 |
Share Repurchases During the nine months ended September 30, 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. During the nine months ended September 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. On May 2, 2023, the Company announced that its Board of Directors had authorized a new $75.0 million share repurchase program (the "Repurchase Program"), which became effective on May 9, 2023. The Repurchase Program will expire on November 8, 2023, or when the authorized funds are exhausted, whichever is earlier. During the nine months ended September 30, 2023, the Company had no repurchases of its common stock under the Repurchase Program or the prior repurchase program. During the nine months ended September 30, 2022, the Company repurchased 398,152 shares of its common stock under a prior repurchase program at a weighted-average price of $83.81 per share. As of September 30, 2023, the Company had $75.0 million of remaining availability to repurchase shares of the Company’s common stock under the Repurchase Program.

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