Earnings Per Share

6 Months Ended

Jun. 30, 2026

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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net income	$	31,234	$	19,430	$	54,481	$	43,966

Weighted average common shares outstanding – basic	16,208		17,320		16,594		17,569
Weighted average common stock equivalents	179		452		308		568
Weighted average common shares outstanding – diluted	16,387		17,772		16,902		18,137

Net income per basic share	$	1.93	$	1.12	$	3.28	$	2.50
Net income per diluted share	$	1.91	$	1.09	$	3.22	$	2.42

The number of anti-dilutive securities excluded from the computation of the weighted average common stock equivalents presented above was 0.1 million shares for both the three and six months ended June 30, 2026 and was less than 0.1 million shares for both the three and six months ended June 30, 2025. These shares related to unvested restricted stock and outstanding common stock options.

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 2026. The current authorization extends the share repurchase program through December 31, 2026 with a repurchase amount of $900 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 and six months ended June 30, 2026, we repurchased and retired 438,456 and 1,553,262 shares for $53.1 million and $208.6 million, respectively, which includes a $0.5 million and $1.6 million accrual for excise taxes on the net share repurchases, respectively; and includes 10,000 shares for $0.9 million which were settled in the third quarter of 2026. Additionally, in the second quarter of 2026, we paid $0.6 million for the excise taxes accrued on the net share repurchases in 2025.

During the three and six months ended June 30, 2025, we repurchased and retired 429,669 and 938,280 shares for $61.0 million and $133.9 million, respectively, which includes a $0.6 million and $0.7 million accrual for excise taxes on the net share repurchases, respectively. 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.

As of June 30, 2026, $92.0 million remained available for share repurchases under our share repurchase program.