Earnings per Share

9 Months Ended

Sep. 30, 2023


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.