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CALCULATION OF WEIGHTED AVERAGE SHARES OUTSTANDING FOR EARNINGS PER SHARE (EPS) | 3 Months Ended
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Mar. 31, 2024
Earnings Per Share [Abstract] |
CALCULATION OF WEIGHTED AVERAGE SHARES OUTSTANDING FOR EARNINGS PER SHARE (EPS) | The following table reconciles basic to diluted weighted average shares outstanding used to calculate earnings per share data for the three months ended March 31, 2024 and 2023 (in thousands, except shares and per share data):
| Three Months Ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
Net income | $ | 37,559 |  |  | $ | 55,555 |  |  |  |  |
Basic weighted average shares outstanding | 34,391,564 |  |  | 34,239,533 |  |  |  |  |
Dilutive effect of unvested restricted stock | 129,541 |  |  | 218,336 |  |  |  |  |
Diluted weighted shares outstanding | 34,521,105 |  |  | 34,457,869 |  |  |  |  |
Earnings per common share |  |  |  |  |  |  |
Basic | $ | 1.09 |  |  | $ | 1.62 |  |  |  |  |
Diluted | $ | 1.09 |  |  | $ | 1.61 |  |  |  |  |
Restricted stock units and stock options excluded from the diluted average outstanding share calculation (1) | 2,734 |  |  | 3,804 |  |  |  |  |
(1)Anti-dilution occurs when the unrecognized compensation cost per share of a restricted stock unit or the exercise price of a stock option exceeds the market price of the Company’s stock.

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