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Earnings Per Share | 9 Months Ended
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Sep. 30, 2023
Earnings Per Share [Abstract] |
Earnings Per Share | EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2023 and 2022 (in thousands, except per share data):
| Three Months Ended September 30, |  | Nine Months Ended September 30, |
| 2023 |  | 2022 |  | 2023 |  | 2022 |
Numerator: |  |  |  |  |  |  |  |
Net Income | $ | 33,682 |  |  | $ | 27,470 |  |  | $ | 133,705 |  |  | $ | 116,852 |  |
Denominator: |  |  |  |  |  |  |  |
Basic |  |  |  |  |  |  |  |
Weighted average common shares outstanding | 49,838 |  |  | 51,457 |  |  | 50,054 |  |  | 51,827 |  |
Diluted |  |  |  |  |  |  |  |
Stock options (1) | 148 |  |  | 434 |  |  | 206 |  |  | 523 |  |
Restricted stock units and awards (1) | 96 |  |  | 118 |  |  | 95 |  |  | 141 |  |
Performance share units | 277 |  |  | 205 |  |  | 277 |  |  | 205 |  |
Contingent shares (2) | 12 |  |  | 24 |  |  | 12 |  |  | 24 |  |
Diluted weighted average common shares outstanding (3) | 50,371 |  |  | 52,238 |  |  | 50,644 |  |  | 52,720 |  |
Basic earnings per share | $ | 0.68 |  |  | $ | 0.53 |  |  | $ | 2.67 |  |  | $ | 2.25 |  |
Diluted earnings per share | $ | 0.67 |  |  | $ | 0.53 |  |  | $ | 2.64 |  |  | $ | 2.22 |  |
(1)A total of 60 thousand shares of stock-based awards were excluded from the calculation of diluted earnings per share for nine months ended September 30, 2023, as their effect would be anti-dilutive. A total of 72 thousand shares of stock-based awards were excluded from the calculation of diluted earnings per share for the nine months ended September 30, 2022, as their effect would be anti-dilutive. No stock-based awards were excluded from the calculation of diluted earnings per share for the three months ended September 30, 2023 and 2022, as their effect was dilutive. (2)Contingent shares represent additional shares to be issued for purchase price earned by former owners of businesses acquired by us once future considerations have been met. Refer to Note 11, Business Combinations, for further details. (3)The denominator used in calculating diluted earnings per share did not include 187 thousand PSUs for both the three and nine months ended September 30, 2023, and the denominator used in calculating diluted earnings per share did not include 237 thousand PSUs for both the three and nine months ended September 30, 2022. The performance conditions associated with these performance share units were not met and consequently none of these PSUs were considered as issuable for the three and nine months ended September 30, 2023 and 2022.

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