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Earnings Per Share | 9 Months Ended
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Sep. 30, 2025
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 September 30, |  | Nine months ended September 30,
(in thousands, except per share data) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Numerator: |  |  |  |  |  |  |  |
Net income |  | $ | 32,094 |  |  | $ | 10,649 |  |  | $ | 81,868 |  |  | $ | 14,311 |
Denominator: |  |  |  |  |  |  |  |
Weighted average common shares outstanding |  | 15,528 |  |  | 16,283 |  |  | 15,681 |  |  | 16,582 |
Weighted average dilutive securities |  | 103 |  | 41 |  | 71 |  | 65
Weighted average common shares outstanding, diluted |  | 15,631 |  |  | 16,324 |  |  | 15,752 |  |  | 16,647 |
Income per common share: |  |  |  |  |  |  |  |
Basic |  | $ | 2.07 |  |  | $ | 0.65 |  |  | $ | 5.22 |  |  | $ | 0.86 |
Diluted |  | $ | 2.05 |  |  | $ | 0.65 |  |  | $ | 5.20 |  |  | $ | 0.86 |
For the three and nine months ended September 30, 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 September 30, |  | Nine months ended September 30,
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Time-vested stock awards |  | — |  |  | 36 |  |  | 1 |  |  | 36 |
Performance awards |  | — |  |  | 30 |  |  | 19 |  |  | 30 |
Share Repurchases During the nine months ended September 30, 2025, the Company repurchased 20,504 shares of stock, for approximately $2.7 million, from its employees to satisfy tax obligations on shares vested under the LTIP. During the nine months ended September 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. On July 30, 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 February 4, 2026, or when the authorized funds are exhausted, whichever is earlier. The Repurchase Program replaced and superseded the Company’s prior $75.0 million repurchase program, under which the Company had exhausted substantially all of the available funds, and such prior repurchase program was terminated. As of September 30, 2025, the Company had $75.0 million of funds available to repurchase shares of the Company’s common stock under the Repurchase Program. During the nine months ended September 30, 2025, the Company repurchased 639,207 shares of its common stock under the prior share repurchase program, at a weighted-average price of $117.33 per share.

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