Earnings Per Share

3 Months Ended

Mar. 31, 2025

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)	2025		2024
Numerator:
Net income	$	23,308	$	18,939

Denominator:
Weighted average common shares outstanding	15,994		16,711
Weighted average dilutive securities	62		126
Weighted average common shares outstanding, diluted	16,056		16,837

Income per common share:
Basic	$	1.46	$	1.13
Diluted	$	1.45	$	1.12

For the three months ended March 31, 2025 and 2024, 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)	2025	2024
Time-vested stock awards	—	36
Performance awards	30	30

Share Repurchases

During the three months ended March 31, 2025, the Company repurchased 18,866 shares of stock, for approximately $2.5 million, from its employees to satisfy tax obligations on shares vested under the LTIP. 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.

On February 26, 2025, the Company announced that its Board of Directors had approved a new $75.0 million share repurchase program (the "Repurchase Program"). The Repurchase Program will expire on September 5, 2025, or when the authorized funds are exhausted, whichever is earlier. During the three months ended March 31, 2025, the Company repurchased 639,207 shares of its common stock under the Repurchase Program, at a weighted-average price of $117.33 per share. As of March 31, 2025, the Company had exhausted substantially all of the funds available to repurchase shares of the Company’s common stock under the Repurchase Program.