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Earnings per Share | 12 Months Ended
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Dec. 31, 2023
Earnings Per Share [Abstract] |
Earnings per Share | NOTE 3. EAR NINGS PER SHARE The following table reconciles the number of shares used in calculating basic and diluted earnings per share for the year ended December 31:
(in thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Basic weighted-average shares outstanding |  |  | 79,985 |  |  |  | 72,740 |  |  |  | 67,352 |
Incremental shares due to: |  |  |  |  |  |  |  |  |
Performance shares |  |  | 134 |  |  |  | 149 |  |  |  | 307 |
Restricted stock units |  |  | 48 |  |  |  | 33 |  |  |  | 60 |
Diluted weighted-average shares outstanding |  |  | 80,167 |  |  |  | 72,922 |  |  |  | 67,719 |
For stock-based awards, the dilutive effect is calculated using the treasury stock method. Under this method, the dilutive effect is computed as if the awards were exercised at the beginning of the period (or at time of issuance, if later) and assumes the related proceeds were used to repurchase common stock at the average market price during the period. Related proceeds include future compensation cost associated with the stock award. At December 31, 2023, 2022 and 2021, there were approximate ly 17,900, 119,000, and 48,600 stock-based awards, respectively, which were excluded from the calculation of earnings per share because they were anti-dilutive. Anti-dilutive stock-based awards could be dilutive in future periods. SHARE REPURCHASE PROGRAM On August 30, 2018, our board of directors authorized management to repurchase up to $100.0 million of common stock with no time limit set for the repurchase (the 2018 Repurchase Program). During the year ended December 31, 2022, we repurchased 103,010 shares of our common stock at a total consideration of $4.5 million under the 2018 Repurchase Program. We did no t repurchase any shares under the 2018 Repurchase Program during the year ended December 31, 2021. On August 31, 2022, our board of directors authorized management to repurchase up to $200.0 million of our common stock with no set time limit for the repurchase (the 2022 Repurchase Program). Concurrently, the board of directors terminated the remaining repurchase authorization under the 2018 Repurchase Program. Shares under the 2022 Repurchase Program may be repurchased in open market transactions, through privately negotiated transactions, and as in 2023 and 2022, pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Securities and Exchange Act of 1934. The timing, manner, price and amount of repurchases will be determined according to the terms of the Trading Plan, and, subject to the terms of the Trading Plan, the 2022 Repurchase Program may be suspended, terminated or modified at any time for any reason. During the years ended December 31, 2023 and 2022, we repurc hased 556,115 and 1,096,283 shares of our common stock, respectively, for approximately $25.0 million and $50.0 millio n, respectively, under the 2022 Repurchase Program. At December 31, 2023, we had remaining authorization of $125.0 million for future stock repurchases under the 2022 Repurchase Program. Transaction costs are not counted against authorized funds. We record share purchases upon trade date, as opposed to the settlement date. We retire shares upon repurchase. Any excess repurchase price over par is recorded in accumulated deficit. There were no unsettled repurchases at December 31, 2023 and 2022. DIVIDENDS Generally, a REIT must distribute its taxable income each year and may retain only 20% of its value in its TRS, including cash. We paid a special cash dividend of $0.95 per share, or $75.7 million in aggregate, on December 30, 2022 as a result of strong financial results in the first half of 2022. On December 31, 2021, we paid a special cash dividend of $4.00 per share, or $276.3 million in aggregate as a result of large cash balances in both our REIT and TRS during 2021 driven by record lumber and indexed sawlog prices. No special cash dividends were paid during the year ended December 31, 2023. On February 9, 2024, the board of directors approved a quarterly cash dividend of $0.45 per share payable on March 29, 2024, to stockholders of record as of March 8, 2024.

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