Earnings per Share

9 Months Ended

Sep. 30, 2024


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)	2024		2023		2024		2023
Weighted average common shares outstanding, used in computing basic earnings per share	57,785		60,844		58,896		61,575
Effect of dilutive stock options and restricted stock units	151		88		147		200
Weighted average common shares outstanding, used in computing diluted earnings per share	57,936		60,932		59,043		61,775

Earnings per share:
Basic	$	1.56	$	1.70	$	2.05	$	2.57
Diluted	$	1.56	$	1.70	$	2.04	$	2.56

Weighted average common shares excluded (1)	1,957		2,266		2,005		1,989

(1) Common stock related to stock options, service-based restricted stock units, and performance-based restricted stock units 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.