Earnings Per Share

3 Months Ended

Mar. 31, 2025

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 March 31,
		2025		2024
Net income		$	24,536	$	18,006

Weighted average common shares outstanding – basic		17,821		18,196
Weighted average common stock equivalents		654		747
Weighted average common shares outstanding – diluted		18,475		18,943

Net income per basic share		$	1.38	$	0.99
Net income per diluted share		$	1.33	$	0.95

0.1 million shares related to unvested restricted stock and outstanding common stock options were excluded from the computation of the weighted average common stock equivalents presented above for the three months ended March 31, 2025. There were no anti-dilutive securities for the three months ended March 31, 2024.

Share Repurchase Program

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 first quarter of 2025. The current authorization extends the share repurchase program through December 31, 2026 with a repurchase amount of $700 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.

During the three months ended March 31, 2025, we repurchased and retired 508,611 shares for $72.9 million, which includes a $0.1 million accrual for excise taxes on the net share repurchases and includes 57,040 shares for $8.1 million which were settled in the second quarter of

2025. Additionally, in the first quarter of 2025, we settled the repurchase of 5,103 shares for $0.6 million which were accrued as of December 31, 2024.

During the three months ended March 31, 2024, we repurchased and retired 624,698 shares for $62.3 million, which includes a $0.1 million accrual for excise taxes on the net share repurchases and includes 23,000 shares for $2.2 million which settled in the second quarter of 2024. 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.

As of March 31, 2025, $191.7 million remained available for share repurchases under our share repurchase program.