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Earnings per Share | 9 Months Ended
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Sep. 30, 2023
Earnings Per Share [Abstract] |
Earnings Per Share |
NOTE 7 — EARNINGS PER SHARE
Earnings per share ("EPS") is presented on both a basic and diluted basis. Basic EPS is based on the weighted average number of common shares outstanding. Diluted EPS reflects the potential dilution that could occur if outstanding securities or other contracts to issue common stock were exercised or converted into common stock. A reconciliation of the common shares used in the denominator for computing basic and diluted EPS is as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands, except per share amounts) |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Weighted average common shares outstanding, used in computing basic earnings per share |  | 60,844 |  |  | 62,098 |  |  | 61,575 |  |  | 62,967 |  |  |
Effect of dilutive stock options and restricted stock units |  | 88 |  |  | 112 |  |  | 200 |  |  | 211 |  |  |
Weighted average common shares outstanding, used in computing diluted earnings per share |  | 60,932 |  |  | 62,210 |  |  | 61,775 |  |  | 63,178 |  |  |
Earnings per share: |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 1.70 |  |  | $ | 1.80 |  |  | $ | 2.57 |  |  | $ | 2.95 |  |  |
Diluted |  | $ | 1.70 |  |  | $ | 1.80 |  |  | $ | 2.56 |  |  | $ | 2.94 |  |  |
Anti-dilutive common shares (1) |  | 2,266 |  |  | 2,175 |  |  | 1,989 |  |  | 1,738 |  |  |
(1) Common stock related to stock options and service-based restricted stock units, and performance-based restricted stock were outstanding but were excluded from the computation of diluted EPS because their effect would be anti-dilutive under the treasury stock method or because the shares were subject to performance conditions that had not been met.

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