Earnings Per Share

6 Months Ended

Jun. 30, 2024

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 (loss) by the weighted average number of common shares outstanding during the period, and diluted earnings per share are computed by dividing net income (loss) 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 (loss) 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)	2024		2023		2024		2023
Numerator:
Net income (loss)	$	(15,277)	$	22,273	$	3,662	$	45,436

Denominator:
Weighted average common shares outstanding	16,756		16,707		16,734		16,662
Weighted average dilutive securities	53		102		86		155
Weighted average common shares outstanding, diluted	16,809		16,809		16,820		16,817

Income (loss) per common share:
Basic	$	(0.91)	$	1.33	$	0.22	$	2.73
Diluted	$	(0.91)	$	1.33	$	0.22	$	2.70

For the three and six months ended June 30, 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 June 30,		Six months ended June 30,
(in thousands)	2024	2023	2024	2023
Time-vested stock awards	36	—	36	—
Performance awards	30	14	30	14

Share Repurchases

During the six months ended June 30, 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 six months ended June 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.

On May 6, 2024, 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, 2024. The Repurchase Program will expire on November 8, 2024, or when the authorized funds are exhausted, whichever is earlier. The Company’s prior $75.0 million repurchase program commenced on November 9, 2023 and expired on May 8, 2024. During the six months ended June 30, 2024, the Company repurchased 117,422 shares of its common stock under the Repurchase Program at a weighted-average price of $138.47 per share. As of June 30, 2024, the Company had $58.7 million of remaining availability to repurchase shares of the Company’s common stock under the Repurchase Program.