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Earnings Per Share
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
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 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
March 31,
(in thousands, except per share data)20242023
Numerator:
Net income$18,939 $23,163 
Denominator:
Weighted average common shares outstanding16,711 16,618 
Weighted average dilutive securities126206
Weighted average common shares outstanding, diluted16,837 16,824 
Income per common share:
Basic$1.13 $1.39 
Diluted$1.12 $1.38 
For the three months ended March 31, 2024 and 2023, certain common stock equivalents were excluded from the calculation of dilutive securities because their inclusion would have been anti-dilutive.
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)20242023
Time-vested stock awards36 45 
Performance awards30 33 
Share Repurchases
During the three months ended March 31, 2024 the Company repurchased 36,397 shares of stock, for approximately $5.9 million, from its employees to satisfy tax obligations on shares vested under the LTIP. 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 1, 2023, 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 9, 2023. The Repurchase Program will expire on May 8, 2024, or when the authorized funds are exhausted, whichever is earlier. During the three months ended March 31, 2024, the Company had no repurchases of its common stock under the Repurchase Program. As of March 31, 2024, the Company had $72.5 million of remaining availability to repurchase shares of the Company’s common stock under the Repurchase Program.