Earnings Per Share

12 Months Ended

Dec. 31, 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 by the weighted average number of common shares outstanding during the period. 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 was as follows:


	For the Year ended December 31,
(in thousands, except per share data)	2024		2023		2022
Numerator:
Net income	$	30,263	$	90,990	$	83,381


Denominator:
Weighted average common shares outstanding	16,467		16,682		16,760
Weighted average dilutive securities	59		155		220
Weighted average common shares outstanding, diluted	16,526		16,837		16,980
Net income per share:
Basic	$	1.84	$	5.45	$	4.98
Diluted	$	1.83	$	5.40	$	4.91

For the years ended December 31, 2024, 2023 and 2022, 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:


(in thousands)	2024	2023	2022
Time-vested stock awards	35	—	—
Performance awards	30	13	13

Share Repurchase Program

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 expired on November 8, 2024. The Company’s prior $75.0 million repurchase program that commenced on November 9, 2023 expired on May 8, 2024.

During 2024 the Company repurchased 643,549 shares of its common stock under multiple repurchase programs at a weighted-average price of $116.54 per share. During 2023 the Company repurchased 25,042 shares of its common stock under multiple repurchase programs at a weighted-average price of $114.55 per share. 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 December 31, 2024, the Company had exhausted substantially all of the funds available to repurchase shares of the Company’s common stock under the Repurchase Program.

During 2024 and 2023, the Company repurchased 36,397 and 76,150 shares of stock, respectively, for approximately $5.9 million and $7.9 million, respectively, from its employees to satisfy tax obligations on shares vested under the LTIP. All of the shares repurchased were retired and returned to authorized but unissued stock.