Earnings Per Share

9 Months Ended

Sep. 30, 2024

Basic earnings per share excludes dilution and is computed by dividing net income by the weighted average number of common shares outstanding for the period, excluding unvested restricted common stock. Diluted earnings per share reflects the potential reduction in earnings per share that could occur if securities or other contracts to issue common stock were exercised or converted into common stock under the treasury stock method. Such securities or other contracts include unvested restricted stock awards, unvested restricted stock units, and outstanding common stock options, to the extent dilutive. In periods for which we report a net loss, diluted weighted average common shares outstanding excludes all potential common stock equivalents as their impact on diluted net loss per share would be anti-dilutive.

Earnings per share under the basic and diluted computations are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net income	$	27,149	$	21,516	$	82,637	$	59,647

Weighted average common shares outstanding – basic	17,754		18,770		17,945		18,941
Weighted average common stock equivalents	717		705		727		637
Weighted average common shares outstanding – diluted	18,471		19,475		18,672		19,578

Net income per basic share	$	1.53	$	1.15	$	4.61	$	3.15
Net income per diluted share	$	1.47	$	1.10	$	4.43	$	3.05

The number of anti-dilutive securities excluded from the computation of the weighted average common stock equivalents presented above for the nine months ended September 30, 2024 and both the three and nine months ended September 30, 2023 was less than 0.1 million shares. There were no anti-dilutive securities for the three months ended September 30, 2024.

In November 2020, our board of directors authorized a share repurchase program permitting us to repurchase up to $50 million of our common stock through December 31, 2021.The share repurchase program has been subsequently extended and increased, most recently in the second quarter of 2024. The current authorization extends the share repurchase program through December 31, 2025 with a repurchase amount of $500 million. The amount and timing of repurchases under the share repurchase program were and will continue to be determined by management and depend on a variety of factors, including the trading price of our common stock, capacity under our credit facility, general market and business conditions, and applicable legal requirements.

In the three and nine months ended September 30, 2024, we repurchased and retired 66,354 and 1,067,545 shares for $7.3 million and $104.0 million, respectively, which includes a $0.1 million and $0.5 million accrual for excise taxes on the net share repurchases, respectively. Additionally, in the first quarter of 2024, we settled the repurchase of 10,000 shares for $1.0 million which were accrued as of December 31, 2023.

In the three and nine months ended September 30, 2023, we repurchased and retired 290,288 and 1,116,830 shares for $28.8 million and $88.4 million, respectively, which includes a $0.3 million and $0.6 million accrual for excise taxes on the net share repurchases, respectively. Additionally, in the first quarter of 2023, we settled the repurchase of 15,200 shares for $1.1 million which were accrued as of December 31, 2022.

As of September 30, 2024, $82.7 million remained available for share repurchases under our share repurchase program.